Key Insights:
- AVAX breaks the sell wall with low selling pressure, setting up a move toward the $15.5 level.
- Bitwise updates Avalanche ETF filing with NYSE Arca as listing exchange, boosting market sentiment.
- Securitize receives EU approval, launching digital securities system on Avalanche blockchain infrastructure.
Avalanche (AVAX) has broken through a key resistance level, pushing past seller pressure and moving closer to a possible $15.5 target. The breakout aligns with rising market sentiment, strong technical movement, and new regulatory developments across key regions.
Technical Momentum Builds
AVAX broke through a major sell wall, which had held the price below $15 for several days. According to CW, the breakout came with low selling pressure and no major wicks, suggesting steady upward momentum. If AVAX continues holding above the breakout level, it may reach the $15.5 target soon.
On the 4-hour chart, analysts have observed a rising trend pattern forming. Mehmet Kandemir commented, “A nice upward movement is coming without any seller wicks.” He also noted that the $16.64 level, aligned with the 200-day moving average, may act as the next resistance.
As of the latest update, Avalanche is trading at $15.05 with a 24-hour volume of over $333 million. It is up 0.84% in the past 24 hours. Bitwise has updated with the U.S. Securities and Exchange Commission.
ETF Filing Boosts Market Sentiment
Bitwise Asset Management has submitted an updated S-1 form for its proposed Avalanche ETF. The amended filing outlines fee structures, staking terms, and seed capital details. This move is seen as part of the firm’s broader crypto ETF expansion, which includes XRP and Dogecoin funds.
According to the latest filing, NYSE Arca will be the exchange listing the AVAX ETF. Market reaction was positive, with AVAX gaining over 7% around the time of the announcement. Bitwise’s push into Avalanche comes during a recovery across several digital assets.
Regulatory Advancements in the EU
In addition, the tokenization platform Securitize has received full approval in the European Union. The company is launching its European Transferable Securities System (TSS) on the Avalanche blockchain.
This makes Securitize the only firm with regulatory clearance in both the U.S. and the EU for digital securities. RocketFuel Crypto Education highlighted that this marks a “massive milestone,” though some traders say the real effect is yet to be seen.
This development aligns with the growing Real World Asset (RWA) narrative in the crypto space, with Avalanche being one of the chosen platforms. However, traders also remain cautious as resistance at $16.64 could slow down future gains.
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Source: https://coincu.com/markets/avax-breaks-resistance-targeting-15-5/
