Key Takeaways
Coinbase Pro is preparing to make Avalanche’s AVAX token available for trading.
AVAX is yet to react to the news. The asset is still consolidating within a tight range.
A decisive 4-hour candlestick close outside the $69 to $62 range should determine where AVAX heads next.
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Avalanche’s native token AVAX will soon be available to a wider audience thanks to a Coinbase Pro listing.
Coinbase Pro to List AVAX
Avalanche is heading to Coinbase Pro.
In a blog post, the leading cryptocurrency exchange announced that it had enabled inbound AVAX transfers. The firm confirmed it would list Avalanche’s native token on Sep. 30, providing “liquidity conditions are met.”
The AVAX-USD, AVAX-USDT, and AVAX-EUR order books are set to launch in three phases: post-only, limit-only, and full trading. The exchange highlighted that it reserves the right to suspend trading if at any point the new order books do not meet its “assessment for a healthy and orderly market.”
Despite the significance of the news, AVAX is yet to benefit from the so-called “Coinbase Effect“—a phenomenon in which token prices soar once they get listed on the Nasdaq-listed exchange. AVAX is consolidating within a tight trading range that is getting narrower over time.
Avalanche Approaches Breakout
AVAX’s price action over the last week appears to have led to the formation of a symmetrical triangle on the 4-hour chart. A descending trend line can be drawn along with the swing highs, while a rising trend line has developed along with the swing lows.
As Avalanche’s native token edges closer towards the triangle’s apex, the move suggests that a spike in volatility is about to take place. The measurement of the height of the technical pattern’s y-axis added to the breakout point projects a 31.7% price movement in either direction.
Source: TradingView
Given the ambiguity that AVAX presents, it is crucial for traders to wait for a decisive 4-hour candlestick close outside of the $69 to $62 range before entering any position.
If the asset overcomes the overhead resistance, it could rise to a new all-time high of $93. However, losing the $62 support level could lead to a correction towards $41.
This news was brought to you by Phemex, our preferred Derivatives Partner.
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