VanEck failed to collect AVAX after launching the first AVAX ETF in the US
Key receivers
AVAX is up less than 1% and is trading below $12.
VanEyck has launched the first Avalanche ETF in the United States.
VanEck's AVAX ETF works directly
Avalanche's native token, AVAX, launched on the NASDAQ stock exchange and is the first exchange-traded fund to track award winnings.
VanEck's Avalanche ETF launched on Monday and is trading under the ticker symbol VAVX. According to the investment management firm, VAVX is the first and currently US-listed ETP focused on providing investors with a return of value and value for Avalanche's native token, AVAX.
Avalanche is one of the leading blockchains in the crypto space. It is an EVM-compatible blockchain launched by Ava Labs in 2020.
As a smart contract blockchain, Avalanche can automatically execute contracts when certain conditions are met.
Kyle D'Cruz, director of digital assets at VanEck, pointed out that Avalanche is a unique blockchain because it can bridge traditional finance and blockchain.
“Avalanche's architecture is uniquely positioned to bridge the gap between traditional finance and the on-chain economy,” added D'Cruz.
AVAX failed to assemble
Despite the launch of the VAVX ETF, the AVAX/USD 4H chart remains weak as AVAX fails to rally. At press time, AVAX is trading at $11.75.
The momentum indicators remain bearish, indicating that the bears are in control. The RSI of 40 is below the neutral 50, the MACD lines below the neutral range add more bearishness to the pair.
If the bearish trend continues, AVAX could retest Sunday's low of $11.24 in the next few hours or days. An extended bear performance could see AVAX drop below the $10 psychological level.
However, if the market recovers, AVAX may hit the first high resistance level at $12.5 in the near term.
