Avalanche’s $AVAX Price Turns Green, Is It Too Late to Jump In?

cryptonews.com:

The price of Avalanche’s native $AVAX token is pumping today compared to market leaders Bitcoin ($BTC) and Ethereum ($ETH).

The $AVAX token underpinning the Avalanche blockchain is up 6.2% in the last 24 hours and 17% in the last seven days at its current price of $24.64.

This means the $10 billion market cap token is the best-performing Layer 1 asset among the fifteen biggest cryptocurrencies by market capitalization.

By contrast, Bitcoin only added 1.8% in the last 14 hours. With $BTC’s current price of $60,485, this represents a $1.9% growth from this time last week.

Ethereum advanced 0.7% overnight but retreated 1.4% over the last seven days to change hands at $2,614 as of this writing.

So, what exactly is causing traders to go long on $AVAX?

Earlier, crypto asset manager giant Grayscale announced that it has launched a Grayscale Avalanche ($AVAX) Trust to add to its suite of regulated crypto investment products.

We are proud to announce the creation of a new single-asset crypto investment fund, available through private placement: Grayscale Avalanche Trust $AVAX.

Available to eligible accredited investors.

Read the press release: https://t.co/XwKfjPD9Tw pic.twitter.com/HdzlNfwkQ8

The news has surely lifted the spirits of $AVAX holders, who haven’t fully recovered from a recent low of $17.55 posted on August 5, the day of a market-wide crypto crash.

But today’s price still marks a 40% rebound since then, which bodes well for the coin’s recovery.

Still, while support may have fallen, Avalance is looking to regain $25 very quickly, and could use this as a leg-up beyond the $28 resistance level last seen throughout late July.

However, a current relative strength index (RSI) score of 75 signals an overbought asset. Once this