AVAX has decisively broken through a key resistance level, signaling a potential surge towards the $15.5 mark. This move is fueled by several factors, including reduced selling pressure, positive technical developments, and regulatory progress in major markets. 📈 Here’s a closer look at the driving forces: ⬇️
**Breaking Through Resistance:** The breakout comes with minimal selling pressure and no notable wicks on the 4-hour chart, showcasing robust upward momentum. If AVAX maintains its recent gains above the resistance level, it may reach the target of $15.5.
**Technical Momentum:** Analysts are observing a bullish trend pattern developing on the 4-hour chart, with Mehmet Kandemir highlighting “a nice upward movement coming without any seller wicks.” He further notes that the $16.64 level, aligned with the 200-day moving average, could act as the next resistance.
**Regulatory Advancements and Market Sentiment:** The positive shift in sentiment stems from Bitwise Asset Management’s updated ETF filing for an Avalanche ETF on NYSE Arca. This move is particularly significant as it aligns with Bitwise’s broader crypto ETF expansion plans and received a positive market reaction, leading to a surge of over 7% in AVAX price.
**Securitize Takes the European Stage:** Securitize, a tokenization platform, has secured regulatory clearance from the EU. They are launching their European Transferable Securities System (TSS) on the Avalanche blockchain, marking them as the only company with both US and EU regulatory approval for digital securities. 🚀 This development supports the growing Real World Asset (RWA) narrative in the crypto space.
**Trading Summary:** As of today’s update, AVAX is trading at $15.05 with a 24-hour volume exceeding $333 million. The token has seen a 0.84% gain over the past 24 hours.
**Disclaimer:** This information provided is for general market commentary and does not constitute investment advice. It’s crucial to conduct your own research before making any investment decisions.