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Avalanche has surged nearly 10% with notable trading volume as open interest rises.
AVAX has surged in trading volume following VanEck’s strategic move to file for Avalanche’s Spot ETFs. Avalanche was trading at $19.21, a 10% price surge in the past 24 hours and a 25% surge in the last 2 days, at press time. According to Coinglass data, the coin has seen its open interest rise 13% in the past 24 hours, suggesting a strong bullish momentum.
Why AVAX could sustain its strength in the mid-term
Avalanche has formed a double bottom pattern on the 12-hour chart. According to analyst TedPillows on X, a close above $23 could spark a bullish rally in the mid-term.
Looking at Avalanche’s technical indicators, short-term and long-term moving averages and MACD(12,26) flash a strong “buy”.The altcoin’s Relative Strength Index (RSI) stands at 51. This indicates that AVAX is not overbought and has potential for more buying, as of this writing. With Avalanche Spot ETFs filed, the coin could be poised for long-term gains as investor conviction rises.
