Avalanche eyes $30 breakout to extend gains:

Avalanche struggles to mark a decisive close above the $30.37 mark, which aligns with the 38.2% Fibonacci retracement level, drawn from the $55.78 high on December 4 to the $14.67 low on April 7. The investors’ mood remains largely unaffected by the Bitwise Avalanche ETF S-1 filing as the intraday pullback deepens.

If AVAX surfaces above the $30.37 level, it could extend the rally to the 50% retracement level at $35.23.

Still, the CoinGlass data shows a minor increase in AVAX Open Interest (OI) reaching $1.36 billion, suggesting increased capital inflows as investors anticipate further gains.

Adding to the optimism, the OI-weighted funding rate jumps to 0.0121%, from 0.0064% on Monday. This indicates a rise in buying activity as bulls pay the premium to balance the swap and spot prices.

The Relative Strength Index (RSI) reverts from the overbought zone to 64 on the daily chart, suggesting that the buying pressure is cooling off. Still, the RSI holding above the halfway line indicates a bullish tilt.

Additionally, the Moving Average Convergence Divergence (MACD) floats above its signal line, indicating a bullish trend in motion.

Looking down, if the pullback intensifies, AVAX could test the 50-day Exponential Moving Average (EMA) at $25.16.

#AVAX#
#Fed Rate Cut Ahead#