Will The New $40 Million Retro9000 Grant Push AVAX Price to $40?

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As a seasoned researcher with over two decades of experience in the crypto market, I’ve seen my fair share of bull and bear markets. The recent breakout of AVAX price, backed by Avalanche Foundation’s Retro9000 Grant Program, has piqued my interest more than ever.

On September 20th, the price of AVAX surpassed a vital barrier that had kept it low for approximately two months. This surge in price occurs concurrently with significant advancements within the Avalanche network, triggered by the Avalanche Foundation’s unveiling of a $40 million Retro9000 Grant Program. This program, combined with a significant mainnet update, is intended to strengthen the network’s ecosystem. The question arises: Could this momentum push AVAX price up to $40? As confidence in the crypto market rises, powered by technical signs and heightened developer activity, the likelihood of a substantial price rise becomes more promising.

Avalanche’s $40M Retro9000 Grant Program Boosts AVAX Price

The Avalanche Foundation recently introduced “Retro9000,” an initiative providing grants totaling $40 million, aimed at funding developers working on both the Avalanche test network and its main network.

How does it work? How can you participate?

Retro9000 is a retroactive grant program funded by the @AvalancheFDN abd driven by community votes.

Build in public, earn community support, test your deployment and ship projects to get rewarded!

— Avalanche (@avax) September 26, 2024

Retro9000 represents a test network incentivized and built upon Avalanche9000, the most significant update to the Avalanche platform since its initial mainnet release. This grant initiative aims to foster development of L1 blockchain projects within the Avalanche ecosystem.

According to DeFiLlama’s data, the total value locked (TVL) within Avalanche has grown alongside its price, indicating that more funds are being secured within the ecosystem. This growth suggests increasing trust among investors and users. Currently, Avalanche’s TVL stands at approximately $1.043 billion, marking a 55% increase over the past two months – rising from a low of $672 million on July 22 this year.

Will The New $40 Million Retro9000 Grant Push AVAX Price to $40?

Furthermore, this indicates an increase in user engagement within the network, potentially boosting interest and, by extension, the token’s value. A larger Total Value Locked (TVL) also enhances liquidity, allowing for smoother execution of substantial transactions without causing significant price fluctuations. This attraction to the network is often magnetizing for large-scale investors.

The Avalanche price has increased by 7% in the last 24 hours and is trading at $29.42.

AVAX Technical Analysis: $40 In Sight With Minor Stops

Technically speaking, the AVAX price could potentially increase further because it’s surpassed its 200-day exponential moving average (EMA), indicating a strong upward trend. Currently, AVAX is trading above a crucial area, establishing a new support level due to an accumulation of buyers at that price point.

A strong demand for buying AVAX here might push its price up by approximately 36%, potentially reaching around $40 – a level similar to what we saw back in May.

Will The New $40 Million Retro9000 Grant Push AVAX Price to $40?

Data from Coinglass underscores the importance of this support level for AVAX. The Liquidation Map illustrates that AVAX has a more resilient base of support than the resistance it encounters during its path towards recovery.

To illustrate, the 200-day Exponential Moving Average (EMA) sits between the prices of $25.98 and $28.73 on these three platforms – Binance, OKX, and Bybit. In this range, there are approximately $19.63 million in Long positions accumulated. Conversely, Short positions only amounted to $10 million.

Will The New $40 Million Retro9000 Grant Push AVAX Price to $40?

As a researcher examining market trends, I find an intriguing imbalance that indicates a predominance of optimistic sentiments among traders. It appears they are expecting an uptick in the AVAX price.

If AVAX struggles to maintain its position above its 200-day Exponential Moving Average and drops below the neckline of the double-bottom bullish reversal pattern, this might indicate a potential market weakness that could shift the trend bearish. The price of AVAX may find solid support levels at or below $20.

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2024-09-27 09:00