During Thursday’s U.S. trading session, the Avalanche price plunged over 4.3% to currently trade at the $17.63 level. This downturn followed escalating tension in the global trade war as Donald Trump announced a 134% tariff on China.
Thus, the pioneer cryptocurrency Bitcoin slid below $80,000 again, signaling an intact correction trend in the market. However, the recent filing by Nasdaq with the United States Securities and Exchange Commission (SEC) to list the VanEck Avalanche Trust has sparked an opportunity for AVAX price reversal. Is the $30 breakout close?
VanEck Files for Avalanche (AVAX) ETF with Nasdaq
April 10, 2025— the asset management giant VanEck officially filed with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the VanEck Avalanche Trust
According to an SEC filing, Nasdaq has proposed a rule change to allow the listing of shares of the “VanEck Avalanche Trust” under Nasdaq Rule 5711(d), which governs Commodity-Based Trust Shares.
The trust offers a passive investment vehicle that aims to track the price of AVAX without actively managing or hedging against volatility. VanEck Digital Assets, LLC, will act as the sponsor, with Delaware Trust Company serving as trustee. A third-party custodian—referred to as the “AVAX Custodian”—will hold all AVAX on behalf of the trust.
If approved, the VanEck Avalanche Trust would attract institutional investment and boost volatility for the cryptocurrency.
Double Bottom Pattern Sets Avalanche Price for $30 Rebound
While the trade tension between the United States and China persists, Donald Trump has announced a 90-day trade retaliation measure and introduced a reduced reciprocal tariff of 10%. The move has slowed down the selling pressure on the crypto market, allowing Bitcoin and the majority of altcoins to seek stable support.
The Avalanche price bounced from a $14.6 low to currently trade at $17.87, accounting for a 22% surge. This upswing marks the second reversal from the $15 support zone within 30 days, signaling the formation of the double-bottom pattern.
The chart setup is commonly spotted at major market bottoms and leads to a W-shaped recovery in coin price. If the theory holds, the asset should rise over 30% before challenging the $23.5 neckline resistance.
A potential breakout from this barrier will signal a change in market dynamics and bolster a rally past $30.
Also Read: Ethereum Whales Dump Millions Is a Major ETH Reversal Around the Corner
