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AVAX up 9% after launch of Valkyries Avalanche Trust

 


The cryptocurrency market has performed well over the past 24 hours and the total market cap could soon surpass $1.8 trillion.


The broader cryptocurrency market picks up momentum towards the end of the week. The market has increased in value by almost 3% in the last 24 hours and the total market cap is now over $1.79 trillion.


Bitcoin could soon reach the psychological $40,000 level after gaining 1.6% in value over the past few hours. Ether is also trading in the green and it is likely to break the USD 3,000 resistance level soon.


AVAX, the Avalanche blockchain's native token, is the best performer among the top 10 cryptocurrencies by market cap. AVAX is up 9% over the past 24 hours and is now trading at $66.11 per coin.


The rally comes after crypto investment firm Valkyrie announced on Wednesday that it will launch an Avalanche Trust (VAVAX) for traditional investors looking to gain exposure to the Avalanche ecosystem.


Sources familiar with the matter have revealed that the trust has already secured $25 million.

The AVAX/USD 4-hour chart is bullish on the continued positive performance of Avalanche. Technical indicators are starting to improve after the recent downtrend.




The 14-day relative strength index of 59 shows that AVAX is outside the oversold territory. If the rally continues, the RSI could surpass 60 and move towards the overbought territory.


The MACD line crossed into positive territory a few hours ago, indicating bullish momentum.


If the rally continues, AVAX could break the first major resistance level at $72.33 before the end of the day. However, it would need the broader market's support to surpass the $79.65 resistance point.

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