#avax $AVAX 🔥🔥🔥🔥🔥💯💯
📰 Key Market Drivers & News🔥🔥
The current price action is happening amidst a few key developments:
1 .Upcoming Token Unlock: Avalanche (AVAX) is scheduled for a token unlock of approximately 1.67 million AVAX on November 13th.
Potential Impact: Token unlocks typically increase the circulating supply, which can place downward pressure on the price in the short term, although this unlock represents a small percentage of the total circulating supply ($28.2 million USD, 0.33% of circulating supply).
2 .Ecosystem Adoption & Investment:
In late October, the BlackRock BUIDL fund reportedly diversified its collateral across Aptos, Polygon, and Avalanche, moving some assets away from Ethereum.
In early October, Avalanche Treasury Co. announced a major $675 million SPAC deal to go public, signaling institutional interest and a strategy to build a billion-dollar ecosystem treasury.
3 .Overall Market Sentiment: The broader crypto market is seeing volatility, with a focus on risk management due to recent price movements in major coins.
📈 Re-evaluating the Trade Scenario
Given the strong rebound in price to the $18.00 - $18.27 range since your chart was taken, the immediate bearish pressure you identified (MACD crossover, low RSI) may have alleviated.
Current Risk: The main risk for the next few days is the impending token unlock (Nov 13), which could trigger a correction.
Key Level: Traders will be watching to see if the price can decisively break and hold above the recent high shown in your chart (around $18.328) to confirm a strong continuation of the upward move.