- AVAX Price has risen 45% over the last 7 days to set a new record high around $66.06.
- The Avalanche Foundation has secured $230 million funding to support its DeFi ecosystem.
- Avalanche price prediction is bullish as it aimed for a 14% rise to areas to $75.
The AVAX price is trading at $66.06 on most crypto exchanges with a bullish bias. The Avalanche price 45% over the last 7 days. Avalanche is currently ranked at #12 on CoinMarketCap with a market capitalisation of $14,589,343,775 which has also increased by roughly 9% over the last 24 hours.
The AVAX price surged to a new record high yesterday above $69.49 following the news that the Avalanche Foundation had raised approximately $230 million to accelerate its DeFi growth .
Avalanche has closed a $230 million funding
Avalanche has landed a $230 million funding to accelerate DeFi growth on its platform. In an announcement made on Thursday September 16, the Avalanche Foundation revealed a new capital injection from a group of venture capitalists led by Polychain Capital and Three Arrows capital. According to Avalanche, the funds raised will be used to support and accelerate the growth of DeFi and enterprise applications, along with other use cases on its public blockchain network.
Avalanche is focused on the growth of its DeFi ecosystem and it aims to create value for its users and developers. Emin Gün Sirer, the Avalanche founder was optimistic that the “intersection of institutional and decentralized finance on Avalanche” will increase the potential of the network. Sirer believes that enhancing liquidity opportunities is a key factor in growing the DeFi ecosystem as it aims to welcome new participants into the Avalanche community in the future.
Apart from the development of the DeFi functionalities, Kyber Network is also launching its automated market maker (AMM) on the Avalanche platform as part of its $180 million incentive program. Kyber Network has already launched its AMM on other protocols such as Polygon, Ethereum and the Binance Smart Chain.
AVAX, Avalanche’s native token, hit a new all-time high following the new announcements concerning network development.
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AVAX Price Records A New All-Time High At $69.49
AVAX has formed an ascending parallel channel chart pattern on the daily chart after successfully retesting the break-out level at $36.44 on September 07 and September 08. Even if the sellers tried to pull Celer Network price below the $36.44 level during the Tuesday September 7 flash crash and Wednesday September 08, they could not hold the lower levels.
This drop allowed investors to buy in on the dips, a move that has seen AVAX rally 126.72% from a low of $30.00 SMA coinciding with the lower boundary of the ascending channel on September 07 to set a new all-time high (ATH) around $69.49 yesterday.
AVAX/USD Daily Chart
Note that as long as the AVAX price remains within the confines of the rising channel, it will continue to record higher highs. At the time of writing, AVAX/USD price is trading in the red at $66.06 and appears to be battling immediate resistance from the $70 psychological level. Note that a daily closure above this level will see the Avalanche token above the ATH to tag the tip of the upper boundary of the ascending parallel channel at $75.0. This represents a 14% move upwards from the current price.
However, it things go awry for AVAX and bulls fail rise above the $70.0 psychological level, the Avalanche price will discover support at the September 12 high at $64.50, then at the $60.0 psychological level. Further lines of defense will emerge the $53.12 support wall before slipping further below the $50.00 mark o seek support at the $48.75 zone.
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Nancy Lubale
