Grayscale is exploring adding Terra and Avalanche to its range of investment products.
The LUNA and AVAX tokens could benefit from the news. Both assets are currently trading below crucial resistance.
A spike in buying pressure behind LUNA and AVAX could help them rise to new all-time highs.
Share this article
Institutional investors may soon be able to buy into Terra and Avalanche. Grayscale has announced that it has added LUNA and AVAX to its list of assets under consideration.
Grayscale Considers Adding Terra and Avalanche
Grayscale is weighing up adding the Layer 1 assets Terra and Avalanche to its range of investment products.
The world’s largest digital asset manager confirmed it was updating its assets under consideration Thursday. The firm added LUNA and AVAX to its list, which already includes a wide variety of Layer 1 and DeFi tokens across different sectors, including Polygon, Polkadot, Solana, and others.
The investment giant further clarified that not all assets under consideration would be offered as investment products due to factors such as internal controls, custody arrangements, and regulations. Although Grayscale’s process of creating an investment product for Terra and Avalanche is complex and multifaceted, LUNA and AVAX could benefit from the announcement.
Both assets appear to be forming ascending triangles on their 12-hour charts, with the bullish continuation patterns suggesting that both cryptocurrencies are bound for significant gains. However, they must overcome crucial resistance first.
LUNA, AVAX Look Primed to Surge
Terra’s LUNA must print a 12-hour candlestick close above $49.54 to enter a new uptrend. Slicing through this hurdle could see the token surge by nearly 50% to hit a new all-time high of $75.
The bullish outlook derives from measuring the height of the triangle’s y-axis and adding that distance upward from the breakout point.
Likewise, Avalanche must break through $79.80 to achieve its upside potential. The ascending triangle formation projects that AVAX could surge by more than 50% after breaking its overhead resistance. In this eventuality, the token could make a new record high of $118.
It is worth noting that the bullish outlook for Terra and Avalanche is only likely to be validated upon the breach of their respective overhead supply barriers. Failing to do so could lead to significant losses. A failure to overcome their supply barriers could see LUNA drop toward $40, while AVAX may dip to $62.
Disclosure: At the time of writing, the author of this feature owned BTC and ETH.
This news was brought to you by Phemex, our preferred Derivatives Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Grayscale Confirms It Will Apply for Bitcoin ETF
Grayscale will soon apply to turn GBTC into an ETF. Largest Bitcoin Fund Operator Plans ETF Grayscale Investments has confirmed that it intends to apply to convert its Bitcoin trust…
Terra Is About to Burn 10% of Its Token Supply
Terra’s LUNA token has rallied on the news that a scheduled token burn will remove 10% of the total token supply. Terra Set for Token Burn Terra is closing in…
How SocialGood Is Offering 100% Crypto Cashback on Online Shopping
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…
Avalanche Foundation Launches $220M Investment Fund
Avalanche is the latest Layer 1 smart contract protocol to announce deepening its pockets. The new funds will be directed toward the development of several of the protocol’s capacities, including…