For EFF as an updated form of grayscale files AVAX is more than $12
Key receivers
Avalanche's AVAX is trading above $12 after adding 2% to its value.
The rally comes after Grayscale filed an updated form for the Avalanche ETF.
When Grayscale AVAX ETF updated its filing, AVAX was above $12
The cryptocurrency market has been very bullish in the past 24 hours, with Bitcoin and other major coins and tokens currently in the green. Avalanche's native coin, AVAX, is one of the top 30 performers, up more than 2 percent in the past 24 hours.
Bullish performance AVAX is seen at the $12 mark and may go higher in the near term. The lineup can convert the Avalanche Trust to an ETF by updating the sponsor details to Greyscale Investments Sponsors LLC on Form S-1.
The crypto asset manager has yet to disclose any management or share fees or terminations. A listing of this ETF on Nasdaq could boost institutional support for AVAX.
In addition, AVAX saw an increase in new capital inflows. Future Open Interest (OI) It rose 1.66 percent in the last 24 hours, reaching $499.87 million. This indicates that traders are building new positions, both long and short.
Despite this, the negative cash flow of -0.0113% indicates that traders are willing to pay a premium to hold short positions.
AVAX eyes $13.50 resistance level
The 4-hour chart of AVAX/USD is sluggish and bullish even though the coin has added 2% to its value in the last 24 hours. The rally comes after AVAX rebounded from a retest of the $11.18 support level on growing retail demand.
Technical indicators have improved, indicating a growing bullish bias. The RSI of 52 is above the neutral 50, indicating that the bulls have regained control of the market. The MACD lines have also crossed into the bullish territory, which indicates a bullish bias.
If the rally continues and the daily candle closes above the $12.78 resistance, AVAX could rally to the $13.5 level.
However, if the bulls fail to take advantage of the growing momentum, AVAX may retest the $11.18 support level.
