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Avalanche [AVAX] kept stable near his support for the triangle, with the RSI in 51 and the parabolic SAR becoming a bullish. The TVL also increased to $ 1.9 billion. In addition, the presentation of ETF of the gray scale indicated possible institutional entries.
Avalanche [AVAX] It has remained stable in the price lists in the last 24 hours, with it just see minor movement after winning +10% in just 30 days.
In fact, an analysis suggested that the bullish impulse could soon be increasing. And yet, at the time of writing, the fresh sales pressure throughout the market seemed to complicate Altcoin’s prospects.
THE AVAX ALCISTA MOVEMENT Under pressure
In the 4 -hour table, Avax has been operating within a bullish symmetrical triangle, a pattern often linked to important manifestations.
At the time of publication, the price was around its triangle support, hinting at possible impulse if resistance was violated.
Source: TrainingView
The analysis indicated that any movement beyond resistance would probably find down pressure at its Fibonacci levels. The $ 24.8 area has already forced at least two setbacks. Naturally, if the impulse persists, this level would be the next important test for the Altcoin.
Meanwhile, the technical indicators of the cryptography suggested that the significant increase potential remains intact.
The parabolic SAR showed dotted markers below the price, indicative of early rally conditions. The continuation of this pattern would reinforce the bullish pressure.
Source: TrainingView
Finally, the Relative Force Index (RSI) stood at 52.3 and seemed to go to the north, a sign of the upward perspective of the market.
Looking at the analysis outside the Altcoin chain
The metrics outside the chain also strengthened the upward case.
According to defillama, the total locked value (TVL) grew 1.8% to $ 1.9 billion, hinting at the activity of the persistent network.
Source: Defillama
However, that is not all, since the commercial volumes of decentralized exchange (DEX) have also increased constantly.
Only in the last three days, their figures rose for $ 67 million to $ 290.13 million. Such a walk in the chain activity often foreshadows outbreaks.
Is the approval of ETF Avax pending the catalyst?
Here, it is worth noting that the impulse of the market reached the back of the presentation of the end of August of Grayscale before the United States Stock Exchange and Securities Commission (SEC) for a background quoted by the Avax exchange (ETF).
This presentation alluded to the growing institutional demand. If approved, it could provide significant capital entries to the asset.
In fact, the Grayscale movement is based on the previous presentation of Vaneck for an ETF Avax, reinforcing the sensation of growing interest of investors. If approved, an ETF Avax could cause institutional entries and provide a strong tail wind.
