New $230 Million Token Sale Round Pushes Avalanche (AVAX) To New All-time High

The past 24-hours have yielded massive gains for crypto investors following a strong market rebound. Blockchain project, Avalanche adds to the positivity as it rose to a new all-time high in the hours leading up to press time. The AVAX ATH is currently around $67.9 and comes as little surprise following positive news from the project.

Avalanche Secures $230 Million Investment

The Avalanche Foundation today announced that Polychain and Three Arrows Capital have led a $230M investment into the Avalanche public blockchain ecosystem through a $AVAX token sale.

The Foundation will use the proceeds from the private sale of tokens completed in June 2021, to support and accelerate the rapid growth of DeFi, enterprise applications, and other use cases on the Avalanche public blockchain.

The Avalanche Foundation achieved its aims and sold out the $AVAX token resulting in the coin experiencing a more than 100% boost in its trading volume and 25% in value per unit. $AVAX technical indicators also hinted at the price increase.

Technicals

The image below shows Avalanche price movement with two other indicators. Looking at the price chart, it is hard not to notice the uptrend the coin has been experiencing for a while. The coin took little breaks in between the surge but was edging to the milestone with every passing short burst. The Relative Strength Index also showed the increase in buying pressure $AVAX came closer to the ATH.

The Moving Average Convergence Divergence (MACD) also converged three days ago to give off a bullish signal. The coin is currently trading at 6% below its all-time high. Will it continue to dip? Unfortunately, there is no strong support above $60, although AVAX would make a list of one of the best cryptocurrencies to invest in for the long-term.

The strongest support after the $60 region is $50. A further slip into the bearish dominance will result in the Avalanche running the risk of falling back the $50 support. However, we may see another ATH if the market picks momentum.

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

  • bitcoinBitcoin (BTC) $ 23,178.00 1.35%
  • ethereumEthereum (ETH) $ 1,649.69 2.04%
  • bnbBNB (BNB) $ 327.42 1.15%
  • xrpXRP (XRP) $ 0.404883 1.88%
  • solanaSolana (SOL) $ 23.69 4.48%
  • terra-luna-2Terra (LUNA) $ 2.08 6.27%