Avalanche price continues to surge

Avalanche price continues to surge

The price of Avalanche has rallied by 11% in the 24 hours.

Avalanche price has risen due to the optimism in the token unlock schedule, investors are optimistic that the token unlock will decrease after 2024. And this will lead to Avalanche price increase since the selling pressure will decrease after the token unlocks.

Avalanche price increase is also linked to the announcement by Grayscale investment of the Greyscale Avalanche trust and also Franklin Templeton is expanding its Onchain USA Government Money Market fund to the Avalanche network.

Grayscale X account announced the creation of its Avalanche Trust.

Allincrypto X account posted a technical analysis on how Avalanche is bullish inline with the broader crypto market.

Price of Avalanche on the 4 hour timeframe is bullish with the price above the cloud and all the other cloud indicators are bullish.

The conversion line has crossed above the base line on the 1 day timeframe which is a weak buy signal but other cloud indicators are not yet bullish.

Price of Avalanche is below the cloud which is bearish and some cloud indicators are bearish except for the lagging span which is below the price but has not crossed the cloud to the downside yet.

The conversion line is above the base line on the 1 month timeframe but the price is below the conversion line which is somewhat bullish but the other cloud indicators are not bullish yet.