Grayscale has filed the paperwork required to transform its existing AVAX Trust into a spot exchange-traded fund (ETF), favoring a bullish Avalanche price prediction as institutional adoption of this token could accelerate.
Just hours ago, the asset management firm filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to rename and change the fund’s nature from Grayscale Avalanche Trust (AVAX) to Grayscale AVAX Trust ETF.
This vehicle will allow investors to get exposure to the native asset of the Avalanche network via the Nasdaq Stock Exchange and through a regulated vehicle.
The Grayscale Avalanche Trust currently oversees $13.7 million in assets and charges a 2.5% expense ratio. Other companies in the asset management sector including VanEck are pursuing the listing of an AVAX-linked spot ETF.
The existing trust was launched in August last year. So far this year, AVAX has experienced a 34% loss even though top altcoins like Ethereum (ETH) and BNB Coin (BNB) have performed positively.
The launch of an ETF from Grayscale could flip AVAX’s performance by increasing institutional adoption and raising awareness about the project’s technical capabilities. This favors a bullish Avalanche price prediction. However, does technical analysis support a potential rally to $500?
Avalanche Price Prediction: AVAX Offers 130% Gain If Bullish Breakout is Confirmed
The daily chart shows that an ascending triangle has been forming for at least two months as AVAX has been experiencing significant selling pressure once it gets to $26.
Yet, the price action has been making higher lows along the day since late July, meaning that buyers are willing to scoop up tokens at higher prices every time AVAX dips.
A bullish breakout above this key area of resistance could set off a rally toward the token’s December swing highs of $52, meaning a short-term upside potential of 130%. Trading volumes today have retreated by 20% as AVAX touches its trend line support.
If the price bounces strongly off this level, it is highly likely that the token will experience an explosive move to that target.
Even though the road to $500 seems difficult, the launch of an ETF by Grayscale is a positive move that would set AVAX on track to hit such a milestone in the future.
AVAX could flip its annual losses if this Trust-to-ETF move is approved. Meanwhile, the best crypto presales like Maxi Doge (MAXI) offer attractive upside potential as well as institutional interest in altcoins accelerates.
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The post Avalanche Price Prediction: Grayscale Files for AVAX ETF on Nasdaq – Could This Trigger a Run to $500? appeared first on Cryptonews.
