AVAX Price Surges on Reports of $1B Investment Vehicles in the U.S.
Avalanche saw a significant increase over the past day, with the price of AVAX rising by almost 11%. Reports that Avalanche is looking to raise $1 billion to launch two cryptocurrency-focused investment vehicles in the US served as the catalyst for the rally. The goal of this endeavor is to solidify Avalanche’s standing as a preeminent capital markets digital ledger.
Will AVAX Follow Bitcoin’s Rally?
Avalanche‘s macro momentum is in line with more general tendencies. At 0.80, the altcoin’s correlation with Bitcoin indicates strong alignment. This relationship suggests that if Bitcoin continues its present upward trend, AVAX will probably follow its path. AVAX investors are hopeful that the price of Bitcoin will continue to grow in light of its recent comeback. Avalanche is poised to follow suit as BTC remains stable above crucial support levels, giving bullish traders who are placing bets on higher goals even more confirmation.
Can Avalanche Flip Resistance Into Support?
AVAX has risen 1.22% in a single day and is currently trading at $29.02. Although the token is currently seeing resistance at $30.00, the rally propelled it to a 7-month high. Avalanche might turn the $30.00 resistance into support, allowing a run above $31.15 or higher, if investor fervor continues. This optimistic trend would be strengthened by consistent inflows and a stronger correlation with Bitcoin.
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