AVAX price sets new ATH as investors pump $230M into Avalanche ecosystem

1 month ago 15
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The price of AVAX is up by about 169% in the past 30 days

Avalanche (AVAX) is the latest top 20 cryptocurrency by market cap to reach a new all-time high after the price of AVAX rose to $68.34 on Friday.

The uptick to the new milestone for Avalanche price came after the smart contracts platform announced it had secured $230 million from investors.

The funds were raised via a private sale finalised in June, the platform said in a blog post.

The Avalanche Foundation is set to use the money "to support and accelerate the rapid growth of DeFi [decentralised finance], enterprise applications, and other use cases on the Avalanche public blockchain," the blog announcement added.

The financing was led by Polychain Capital and Three Arrows, with participation from Dragonfly, R/Crypto Fund and CMS Holdings among other investors and family offices.

Avalanche launched its mainnet on 21 September 2020, but it's already one of the blockchain platforms to see massive growth in just a year. Its high scalability and low-cost transactions have seen it become a top smart contracts platform preferred by developers also keen on a highly secure network.

AVAX price hits new milestone

AVAX is trading around $63.13 against the US dollar, its value nearly 5% up on the day as buyers try to battle profit-taking deals seen since the upside to $68.34. Despite the potential for a minor dip, the outlook for Avalanche's native token is great in the short term.

According to data from CoinGecko, AVAX price is up 55% in the past seven days and an impressive 169% over the past 30 days.

Looking at the technical picture for AVAX/USD, we see the previous all-time high is likely to act as new support near $63.50. The strengthening MACD and RSI above 60 suggest AVAX is in a strong position for new gains.

AVAX/USD daily chart. Source: TradingView

If bulls achieve a daily close above the $63.50 level, a fresh upside could see AVAX price target new highs above $70 in price discovery mode.

On the downside, increased selling pressure might see prices dip to the demand zone near $55.

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