Published on augustus 23, 2024, 12:29 am
Image source: Fox News
```json [ "Avalanche (AVAX) surged over 16% in the past week following a downtrend, with positive media coverage and news like token unlocks boosts optimism.", "Recent price jump attributed to positive news including Grayscale Trust for AVAX and Franklin Templeton's blockchain fund's extension to include Avalanche network.", "Monitoring spot buying volumes urged as an indicator for potential price movements towards breaking resistance levels at $25 to $27." ] ```
Avalanche (AVAX) has experienced a significant price jump of over 16% in the past week, prompting speculation on whether the positive media coverage can fuel and sustain this rally. Following a six-month downtrend where the price hit a low of $17.29 on Aug. 5, which was its lowest in nine months, AVAX has now reversed course with an impressive 45% gain to reach $25.25 in recent weeks.
Despite a flash crash under $18, which occurred alongside most altcoins during Bitcoin’s correction to $49,500 on Aug. 18, AVAX has lagged behind the general market since hitting its peak at $65 on March 18. The recent surge in AVAX’s price may be attributed in part to positive news surrounding the token unlock schedule for Avalanche, with investors noting a significant reduction in token unlock events post-2024.
The unveiling of the “Grayscale Avalanche Trust” by asset manager Grayscale Investments and the extension of Franklin Templeton’s blockchain fund to include the Avalanche network have also generated excitement around AVAX among investors. While these developments are not directly linked to AVAX fundamentals, they have contributed to a more optimistic sentiment regarding the altcoin’s potential future value.
Market watchers are advised to monitor spot buying volumes closely as cryptocurrencies often react strongly to news events and announcements within the industry. An increase in buying volumes or margined long positions could propel AVAX towards breaking through resistance levels at $25 to $27 towards higher price ranges between $28 and $33.
It is crucial for readers and investors to exercise caution when making investment decisions as all trading activities involve risks that should be thoroughly researched beforehand for informed decision-making.
Original article posted by Fox News
