🚨 $AVAX: ETF Filing…Yet Price Stalls?! 📉

Avalanche ($AVAX) is stuck around $12, even after Grayscale filed to convert its trust into an ETF. 🤔 Despite the potential for huge institutional investment, the price dipped nearly 2% yesterday.

Derivatives show increased activity – open interest is up 2.04% to $493M – but traders are split. A negative funding rate (-0.0113%) signals bears are still in control. 🐻

Technically, $AVAX risks falling below $12, with support at $11.18 and potential for a drop to $8.66. While the MACD hints at some recovery, the RSI at 38 confirms ongoing weakness. Keep a close eye on this one!

#Avalanche #CryptoETF #AVAX #TechnicalAnalysis 🚀

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