Avalanche 
$28 Following the Foundation’s announcement of a token repurchase agreement with the Luna Foundation Guard (LFG) associated with the Terra blockchain, the AVAX price rose by 10% in a few hours. This development caused AVAX to approach the $30 level, increasing its market value to over $11.5 billion.
Avalanche’s Agreement with Luna Foundation
According to the latest announcement, Avalanche Foundation has agreed to buy back all AVAX tokens sold to Luna Foundation Guard in April 2022. However, this agreement is currently awaiting Bankruptcy Court approval. News of the deal sparked a massive upward move in the AVAX price, and investors rushed to seize the opportunity.
So, the Avalanche Foundation announced in April 2022 that it was negotiating an agreement to buy back all AVAX tokens sold to Luna Foundation Guard. This step aims to prevent LFG from violating the original agreement.
Technical Indicators and Price Expectations
According to market data at the time of writing, AVAX price is trading at $28.49, up 9.33%. In technical analysis, AVAX price is making a flawless breakout from the falling wedge formation of the last few months. While the Relative Strength Index (RSI) is around 49.8, the Moving Average Convergence Divergence (MACD) is giving a positive signal at 0.19.
According to analysts’ statements, AVAX is experiencing a breakdown. Allegedly, the Avalanche is showing incredible power with a perfectly executed wedge formation. Strong money flow at the end of the falling wedge formation confirmed this book output and moved AVAX into a nice ascending channel.
Crypto analyst Crypto Winkle stated that AVAX price could rise above $30 if the uptrend continues. It is stated that market analysts predict that Avalanche will reach $ 50. Additionally, the preference of the Avalanche blockchain by traditional financial institutions stands out as another factor supporting this rise.
Avalanche Foundation’s acquisition of AVAX tokens from Luna is considered an important step in providing the necessary infrastructure for the growth and development of the ecosystem. This development could support AVAX’s future value growth by increasing investor confidence.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
