AVAX is priced at $12 as an updated model of Grayscale’s ETF filings

Key takeaways

• Avalanche’s AVAX is trading at over $12 after adding 2% to its value.
• The rise comes after Grayscale provided an updated model for its Avalanche ETF.

AVAX crosses $12 as Grayscale updates AVAX ETF filing

The cryptocurrency market has been bullish over the past 24 hours, with Bitcoin and other major currencies and tokens currently in the green. AVAX, Avalanche’s native coin, is one of the best performing coins among the top 30, rising more than 2% in the past 24 hours.

The bullish performance has taken AVAX past the $12 mark and it could rise higher in the near term. This rise can be attributed to Grayscale updating sponsor details to Grayscale Investments Sponsors LLC on the Form S-1 filed to convert Avalanche Trust into an ETF.

The crypto asset manager has not yet disclosed any fees or concessions for management or staking. Listing this ETF on the Nasdaq could boost institutional support for AVAX.

Furthermore, AVAX has seen a rise in new capital inflows Open interest (OI) futures contracts It jumped 1.66% during the past 24 hours, reaching $499.87 million. This indicates that traders are building new positions, including long and short positions.

However, a negative funding rate of -0.0113% indicates that traders are willing to hold short positions by paying a premium.

AVAX is eyeing a resistance level at $13.50

The 4-hour chart of AVAX/USD is bearish and active despite the currency adding 2% to its value in the last 24 hours. The rise comes amid increasing retail demand after AVAX recovered from a decline that saw it retest the $11.18 support level.

Technical indicators improved, indicating an increasing bullish bias. The RSI 52 is above the neutral 50 level, indicating that the bulls have regained control of the market. The MACD lines have also crossed into bullish territory, indicating a bullish bias.

If the rally continues and the daily candle closes above the $12.78 resistance level, AVAX could rise towards the $13.5 level.

However, AVAX could retest the $11.18 support level if the bulls fail to capitalize on the rising momentum.