Avalanche price: AVAX holds $30 level as bulls target channel breakout

• Avalanche (AVAX) price is in the green on Tuesday morning, with bulls hovering above the critical level of $30.
• Most cryptocurrencies trade at key levels amid the broader market’s anticipation around the Federal Reserve’s meeting and interest rate decision.
• Institutional interest also continues to grow, with Bitwise filing for an Avalanche spot exchange-traded fund with the US Securities and Exchange Commission.

Avalanche price eyes breakout above $30

While small-cap tokens like Avantis skyrocket to lead top gainers on the day, the Avalanche (AVAX) price hovers green. It currently trades as one of the top gainers among the top 20 cryptocurrencies.

The altcoin traded around $30.50 as of writing on September 16, up 7% in the past 24 hours and an impressive +18% over the last seven days.

It’s a performance that outpaces the global cryptocurrency market’s 1% gain and sees bulls close to the resistance line of a channel breakout.

Trading volume has spiked to $1.18 billion, up by more than 27% in the last day to signal buying pressure.

From a technical point of view, chart patterns suggest that AVAX is on the cusp of a significant channel breakout.

While the token has largely consolidated within a descending parallel channel, a recent uptick has bulls looking at a potential corrective pattern that could allow for a retest of $44.

Avalanche has notably breached the critical $27 horizontal resistance level. Holding above this level and piercing the $30 barrier may allow bulls to break above the channel’s upper boundary.

The Relative Strength Index (RSI) at 64 indicates room for gains before overbought conditions hit. A bullish outlook is also supported by the Moving Average Convergence/Divergence (MACD) on the daily chart.

Overall, the chart structure positions AVAX favorably for a move above $30, potentially fueled by ecosystem expansions and DeFi growth.

Bitwise AVAX ETF filing and Fed decision

Compounding the technical optimism are recent regulatory and macroeconomic trends.

One of these is the development that saw Bitwise Asset Management file an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot Avalanche ETF.

This filing, following the establishment of a statutory trust in Delaware, proposes direct exposure to AVAX through custody-held tokens, allowing investors to gain regulated access without managing wallets or private keys.

VanEck and Grayscale are among the top issuers seeking approval for ETFs tracking the AVAX cryptocurrency. Sentiment is high amid anticipation of an SEC nod in the coming months.

Also buoying AVAX price is expectation around the Federal Reserve’s upcoming decision on interest rates.

The Fed meets this week and a 25 basis point cut could inject fresh liquidity into risk assets like cryptocurrencies. Avalanche’s price will rally alongside other altcoins.