- AVAX gains momentum after joining the Bitwise 10 Crypto Index ETF, boosting market confidence.
- Technical breakout suggests an early bullish reversal forming as selling pressure continues to weaken.
- RSI and MACD indicate lingering weakness, though buying interest is gradually beginning to increase.
Avalanche (AVAX) is once again grabbing attention as it shows early signs of reversing its trend, along with asserting itself in the crypto market. It also achieved a major milestone by getting listed for the Bitwise 10 Crypto Index ETF. It is also anticipated that AVAX will break out on the upside.
As of the time of writing, Avalanche is trading at $14.60, which is fueled by the 24-hour trading volume of $760.96 million, with the market capitalization at $6.26 billion. Additionally, the AVAX/USD saw a 6.44% increase over the last 24 hours.
Avalanche Added to Bitwise ETF
A major catalyst behind this recent momentum is the inclusion of Avalanche in the Bitwise 10 Crypto Index ETF, which trades under the ticker symbol BITW on the NYSE. According to an announcement by the Avalanche Foundation, AVAX is now a part of the most well-known crypto index fund in the United States.
Avalanche Hints at Potential Bullish Shift
Meanwhile, well-known crypto analyst CryptoPulse reported that AVAX is displaying promising signs of a bullish turnaround. According to the analyst, AVAX has actually managed to break out of the descending channel, meaning that the selling pressure appears to have eased.
However, the next major step that will follow is very important. For the confirmation of the stronger positive trend, it is essential that the buyers break the previous short-term high at $15. Crossing and closing that level will provide a clear indication that the bulls are getting stronger.
If that breakout succeeds, AVAX will likely attempt to return to the $20+ level, which could be seen as a significant recovery, since the crypto has faced pressure for months.
However, the recent technical breakout, together with the listing of the crypto ETF, is certainly boosting the morale of the AVAX/USD pair, with everyone focusing on whether the crypto token will manage to break the critical level of $15.
Also Read | Avalanche (AVAX) 2025 Price Prediction: Analysts Eye a Potential December Rebound
AVAX Eyes Recovery After Sharp Drop
The RSI is at 38.23, which means that the selling forces are still stronger, though the pressure is reducing. The MA Ribbon, with major levels of 21.87, 22.91, 28.62, and 26.78, is laid on top of the price bars, showing that the downtrend is very strong. AVAX, at $14.59, is trying to regain upside momentum but is below all the major averages.
The MACD remains below zero, with the MACD line at -1.16 and the signal line at -0.95, indicating that the momentum is weak. The histogram bars remain negative, indicating that the buyers have not yet gained control. AVAX/USDT requires greater volumes of trade for a trend shift.
Also Read | Avalanche (AVAX) Eyes $300+ as Multi-Year Falling Wedge Signals Bullish Reversal
