AVAX Price Closes In On $40 With Latest 10% Surge
10 Febrero 2024 - 12:00PM
NEWSBTC
The Avalanche token has been in a positive form recently, with the
AVAX price turning in a good performance over the past week. This
latest price boost makes a run to the $40 level more or less
inevitable for the altcoin. However, investors are curious to see
how long this rally will last, especially with the unlocking of a
substantial amount of AVAX tokens on the horizon. AVAX Price
Overview As of this writing, the AVAX price is slightly above $39,
reflecting a nearly 8% jump in the last 24 hours. This recent
increase only underscores how well the cryptocurrency has been
performing in recent weeks. According to data from CoinGecko, the
value of the Avalanche token has increased by approximately 10% in
the past week. After sinking to a low of $28 in late January,
AVAX’s price has recovered quite well in the new month, surging by
more than 17% since February started. Related Reading: Can Bitcoin
Overcome Past Trends? Examining The Pre-Halving Rally And
Resistance Levels With the latest price growth, Avalanche looks set
to reclaim $40, a level it occurred between December 2023 and early
January 2024. The token, however, lost this level due to the
downturn that hit the entire crypto market following the Bitcoin
spot ETF approval. With $40 already in sight, the question is
whether AVAX can sustain a rally above this mark in the long term.
While price indicators like the Relative Strength Index (RSI) are
not showing any signs of trend reversal, upcoming events suggest
that the Avalanche token might need to overcome some degree of
bearish pressure in the coming days. Avalanche To Unlock About $370
Million Worth Of Tokens According to on-chain data, Avalanche will
unlock 9.54 million tokens (worth about $372 million) on February
22. This figure represents about 2.6% of AVAX’s total supply and
will be disbursed in four tranches. Breaking it down, 2.25 million
AVAX is expected to go to strategic partners, 1.67 million coins to
the foundation, 4.5 million tokens to the Avalanche team, and 1.13
million AVAX are set to be released in a little over a week.
Related Reading: Bitcoin Price Faces Threat As Analyst Foresees $55
Million Liquidation It is common for crypto projects to execute
token unlocks, which may have a corresponding impact on the value
of the unlocked token (AVAX, in this case). This effect is because
this substantial amount of token, once unlocked, may become
available for trading on the open market. If these newly unlocked
tokens are dumped on the open market, this can place some bearish
pressure on the burgeoning price of AVAX. This selling pressure
could halt the recent growth of the Avalanche token. AVAX price
approaches the $40 mark on the daily timeframe | Source: AVAXUSDT
chart on TradingView Featured image from iStock, chart from
TradingView
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