Avalanche Price Prediction as AVAX Surges 10% Following ETF Speculation and Increased Trading Volume

 The Avalanche price surged 10% in the past 24 hours to trade at $28.58 as of 8:34 a.m. EST, on a 7% surge in trading volume to $378 million.

The recent price surge follows speculation about an AVAX ETF that has been circulating on X (formerly known as Twitter). Last week, AVAX’s price took a significant hit due to the BtcTurk exchange hack.

Rumours of an AVAX ETF started circulating after VanEck filed for a Solana ETF, suggesting the crypto asset was a commodity. Quinten, a crypto investor, shared a tier list on X of the largest altcoins likely to see an ETF filing between now and next year, and Avalanche was among the top contenders.

I made a tier list of the largest altcoins' chances of seeing an ETF filing (and potential approval) in the next year:

Very likely: $SOL $LINK
Likely: $TON $AVAX $DOGE
Possible: $LTC $MATIC $TRX $DOT
Unlikely: $ADA $SHIBA $UNI
Not going to happen: $BCH $XRP $BNB pic.twitter.com/xiurgMDClp

— Quinten | 048.eth (@QuintenFrancois) June 27, 2024

AVAX Price Statistics

• AVAX price: $28.58
• Market Cap: $11.32Billion 
• Trading Volume: $378Million
• Circulating Supply: 393.88Million 
• Total Supply: 443.22Million  
• Max Supply: 720Million

AVAX Price: Bulls Break Above the Bearish Wedge

The AVAX price hit a yearly high in March but then began a slow decline from the $36.89 high, forming a bearish wedge, which indicates a bullish pattern often leading to upward breaks.

Buyers have found strong support in the support zone, pushing prices upward and causing bullish candlesticks to break above the upper boundary of the falling wedge pattern. This buying pressure has been reinforced by the price surpassing the $26.84 resistance level, leading to further gains as it approaches the supply zone between $31 and $35.

AVAXUSD Analysis (Source: Dextools.io)

The support zone acts as a strong point for buyers, who have pushed the price higher, resulting in bullish candlesticks breaking above the upper boundary of the falling wedge pattern.

The buying pressure is also evident as the price surpassed the $26.84 resistance level. As a result, the price has continued to rise, approaching the supply zone ranging from $31 to $35. 

Avalanche price moved above the 50-day simple moving average (SMA), though it remains below the 200-day SMA. A continued surge could lead to the price jumping above the 200 SMA.

The relative strength index (RSI) for AVAX fell into oversold territory on Monday before rebounding and crossing above the 50 midline level. Currently, at 70. the RSI could enter the overbought zone as the momentum continues to increase, aiming for the 80 level, where the first resistance lies.

AVAX Price Prediction: Bulls May Continue the Uptrend

Avalanche (AVAX) bulls are gearing up for a possible price breakout, driven by increasing ETF speculation in the crypto market. This optimistic outlook could push AVAX’s price higher, attracting even more investors.

If AVAX manages to break out above the falling wedge pattern, there’s a chance it could rally by 76%, reaching around $58. On the other hand, if the bearish trend continues, support levels might hold around $23.51 or $19.54. 

Looking at the shorter term, AVAX recently broke out of an inverse head and shoulders pattern, suggesting a potential 7% increase that could soon push the price to approximately $30.07.

According to data from Santiment, a behaviour analysis platform, the AVAX rally is largely being overlooked by the crowd. This suggests the rally is more likely to continue. A correction is more likely when fear of missing out (FOMO) is high on an asset.

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