Solana

Impact

Avalanche

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/avax-price-jumps-on-etf-speculation" data-wpel-link="internal" rel="noopener noreferrer nofollow">AVAX Price Jumps on ETF Speculation</a><br></p>
<p style="text-align: justify">The price of Avalanche (AVAX) has experienced notable fluctuations, driven by rumors surrounding a potential AVAX ETF. These speculations surfaced following VanEck’s application for a <a href="https://en.bitcoinhaber.net/solanas-price-outlook-potential-drop-to-70-as-analysts-predict-further-decline" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a> ETF, raising similar hopes for AVAX. Over the past 24 hours, AVAX has surged by 10%, reaching a price of $27.96. This increase comes after a significant drop caused by the hacking incident at BtcTurk exchange last week.</p>
<h2 id="avax-technical-analysis">AVAX Technical Analysis</h2>
<p style="text-align: justify">AVAX’s price movement is currently displaying a falling wedge pattern, generally seen as a bullish indicator that often leads to upward breakouts. Despite this positive formation, AVAX is trading above its 50-day Simple Moving Average (SMA) but remains below the 200-day SMA.</p>
<p style="text-align: justify">Additionally, the 14-day Relative Strength Index (RSI) for AVAX has recently recovered from the oversold region and is now at 43, approaching the midpoint and targeting the first resistance level at 60.</p>
<h2 id="possible-price-movements-for-avax">Possible Price Movements for AVAX</h2>
<p style="text-align: justify">Should AVAX break above the falling wedge, it could potentially rally by 76%, pushing its price to $58. Conversely, if the bearish trend continues, support levels might be found at $23.51 or even $19.54. In the short term, AVAX’s recent breakout from an inverse head and shoulders pattern suggests a possible 7% increase, potentially bringing the price to around $30.07.</p>
<p style="text-align: justify">Investor sentiment appears to favor further gains for AVAX. Data from Coinalyze indicates a 6.14% rise in 24-hour total open interest, suggesting that <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> are accumulating AVAX in anticipation of upward movements.</p>
<h2 id="impact-of-etf-rumors">Impact of ETF Rumors</h2>
<p style="text-align: justify">The recent price increase in AVAX is closely tied to ETF rumors. VanEck’s Solana ETF application has sparked speculation about other altcoins, including Avalanche, that might be considered for ETFs <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">in the near future</a>.</p>
<p style="text-align: justify">A crypto investor named Quinten posted a list on social media of altcoins, including Avalanche, that are potential candidates for ETF applications soon. Such expectations contribute to the bullish sentiment around AVAX.</p>
<h2 id="investors-takeaways">Investors’ Takeaways</h2>
<p style="text-align: justify">– Monitor ETF application news for potential price catalysts.<br> – Watch for AVAX breaking the falling wedge pattern for a bullish signal.<br> – Keep an eye on RSI levels for overbought or oversold conditions.<br> – Short-term traders might target $30.07 based on the inverse head and shoulders pattern.</p>
<p style="text-align: justify">In conclusion, the recent surge in AVAX’s price is heavily influenced by ETF speculation and favorable technical patterns. Investors are advised to stay alert to market developments and technical indicators to make informed decisions.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/avax-price-jumps-on-etf-speculation" data-wpel-link="internal" rel="noopener noreferrer nofollow">AVAX Price Jumps on ETF Speculation</a></h5>

AVAX Price Jumps on ETF Speculation

목차

BH NEWS

2024년 6월 28일에 게재된 다른 기사

The Esports World Cup Foundation partners with Pepsi for its upcoming event

Bitcoin, Ethereum, Dogecoin Edge Higher As Market Cheers Solana Spot ETF Filing: Analyst Forecast...

Litecoin Boom: Over 25 Million Ordinals Inscribed, LTC Rising

Alien Worlds Invites Players to a Lively Virtual Universe

New Solana Memecoin Useless Biden (USEBIDEN) to Explode 16,000% Within 48 Hours

Bitcoin (BTC) Price Poised to Breakout From June Downtrend, Key Levels to Watch

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!