Key Points
- AVAX has risen by less than 1% and is trading below $12.
- VanEck has launched the first Avalanche ETF in the United States.
VanEck Launches AVAX ETF
The first exchange-traded fund (ETF) tracking Avalanche’s native token, AVAX, has been officially launched on the NASDAQ. Known as the VanEck Avalanche ETF, it debuted on Monday under the ticker symbol VAVX.
According to the investment management firm, VAVX is the first and only listed product in the United States that offers investors exposure to both the price performance and potential staking rewards of the AVAX token.
Avalanche is recognized as a leading blockchain platform within the cryptocurrency sector. Developed by Ava Labs in 2020, the EVM-compatible blockchain aims to enhance scalability, interoperability, and usability.
As a smart contract blockchain, Avalanche executes contracts automatically when certain conditions are met. Kyle DaCruz, VanEck’s Director of Digital Assets, has highlighted Avalanche’s unique capability to bridge traditional finance and blockchain technology.
“Avalanche’s architecture is ideally positioned to close the gap between traditional finance and the on-chain economy by focusing on verifiable and real utility,” DaCruz stated.
AVAX Struggles to Rebound
Despite the launch of the VAVX ETF, the AVAX/USD 4-hour chart remains bearish, as AVAX struggles to make a significant rebound. At the time of publication, AVAX is trading at $11.75.
Momentum indicators suggest ongoing bearish control, with the RSI at 40, indicating a position below the neutral 50. Additionally, the MACD lines residing below the neutral zone contribute further bearish confluence for the pair.
If the downward trend persists, AVAX may test the previous low of $11.24 within the next few hours or days. A prolonged bearish performance could drive the price below the psychological barrier of $10.
However, if the market displays a recovery, AVAX could reach the first significant resistance level at $12.50 in the short term.
