Avalanche Price Forecast: AVAX eyes $30 as FIFA, VanEck back blockchain ecosystem
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Avalanche extends its gain, trading at around $25.74 on Friday, with bulls aiming for the $30 psychological resistance.
FIFA announced a partnership with AVAX to build its own Layer-1 blockchain on the Avalanche network.
VanEck plans for a purpose-built fund to invest in real-world use cases on the Avalanche ecosystem.
Avalanche (AVAX) is gaining bullish momentum, extending gains on Friday, trading at $25.74 as investor confidence grows on the back of two major developments. The Fédération Internationale de Football Association (FIFA), football’s global governing body, has announced plans to build its own Layer-1 blockchain on the Avalanche network. Meanwhile, investment firm VanEck is preparing to launch a purpose-built fund focused on real-world applications within the Avalanche ecosystem. These strategic developments fuel optimism for AVAX, with bulls setting their sights on the key $30 level.
Avalanche blockchain gains traction
FIFA, football’s global governing body, announced on Thursday that it plans to launch its own Layer-1 (L1) blockchain on the Avalanche network. This news comes as the AVAX network recently underwent 1its major Avalanche 9000 upgrade, which aims to attract new developers and encourage them to create customized L1s. The Avalanche price was positively related to this announcement and rose 9% that day.
Earlier this week, VanEck, a leading asset manager, announced the upcoming launch of the VanEck PurposeBuilt Fund. This private digital assets fund will invest in businesses building on Avalanche and launching tokens designed to create long-term value and utility. The fund will launch in June 2025 and is open only to qualified purchasers.
‘Avalanche has become a magnet for thoughtful builders... We’re bringing capital and conviction to founders creating lasting value,” – Pranav Kanade, Portfolio Manager.
These announcements and developments will have a positive outlook for the Avalanche network and its prices in the long term as they enhance its visibility, validate its technology, and drive ecosystem growth through increased adoption and developer activity.
Avalanche Price Forecast: AVAX bulls gain momentum, targeting the $30 mark
Avalanche price retested and found support around its weekly level at $20.99 on Monday and rallied 13.53% until Thursday. This level roughly coincides with the 50-day Exponential Moving Average at $22.21, making it a key support zone. At the time of writing on Friday, it approaches its key resistance level at $25.83, its 200-day EMA.
If AVAX continues its upward momentum and closes above $25.83 on a daily basis, it could extend the rally to retest its psychological barrier at $30. A successful close above this level could extend additional gains toward the $33.60 mark.
The Relative Strength Index (RSI) on the daily chart reads 62, above its neutral level of 50 and points upward, indicating bullish momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator is also about to flip a bullish crossover. It could further support the bullish thesis if it successfully completes a bullish crossover.
AVAX/USDT daily chart
However, if AVAX faces a correction, it could extend the decline to test its 50-day EMA level at $22.21.
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