During Tuesday’s U.S. trading session, the crypto market witnessed a slight slowdown in recovery momentum as Bitcoin took a halt near the $100,000 resistance. However, the overhead selling does not confirm resistance, as this temporary pullback could allow buyers to recuperate the bullish momentum for a further rally. For the anticipated rally, the Avalanche price shows higher potential for a breakout as its AVAX ETF gains the SEC’s acknowledgment.
SEC Acknowledges VanEck’s Application for Spot Avalanche (AVAX) ETF
Apr 23, 2025 The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the filing for VanEck’s Spot Avalanche ETF.
The firm submitted its proposal for a spot AVAX ETF earlier this year, marking the first formal attempt to launch an ETF that will track the price of Avalanche. The fund will mirror the performance of AVAX by linking its value to the MarketVector Avalanche.
The acknowledgment signifies that the proposal is now officially under review by the SEC, which will evaluate it in detail and seek public comments. Thus, VanEck’s application will be scrutinized for its alignment with the SEC’s investor protection standards.
While the acknowledgment doesn’t guarantee approval, it demonstrates the SEC’s increasing interest in altcoin-based ETFs.
If approved, this fund would attract institutional investment and boost liquidity and demand for its native cryptocurrency.
Double-Bottom Reversal Sets Avalanche Price for $30 Breakout
Over the last two weeks, the Avalanche coin price has bounced from $14.66 to $22.27, projecting a 52% gain. This reversal marks buyers’ second attempt to rebound from the $15 support region, signaling the formation of a double bottom pattern.
The chart setup is commonly spotted at the major market bottoms, signaling a renewed buying pressure and sustained upswing ahead.
By press time, the AVAX price had traded at $22.37, with an intraday gain of 1.18%. The altcoin is just 5% away from challenging the neckline resistance of $23.5 and the 100-day EMA.
A successful breakout will signal a change in market dynamics and drive a potential surge of 35% to hit 31%.
Also Read: Will Bitcoin Price Hit $100k as Binance Traders Remain in Disbelief?
