Grayscale says it has discovered popular altcoin projects Terra and Avalanche. Grayscale announced that it has added Terra and Avalanche to its assets under consideration. Grayscale is considering adding Terra and Avalanche to its portfolio of investment products. Details of the news now cryptocoin.com‘in.
Two altcoins on Grayscale’s target
LUNA and AVAX tokens seem to benefit from this news. Both assets are currently trading below critical resistance. According to analyst Ali Martinez, the increase in buying pressure behind LUNA and AVAX could help them rise to their all-time highs. Institutional investors may soon acquire Terra and Avalanche. Grayscale announced that it has added LUNA and AVAX to its list of assets under review.
Grayscale is considering adding Terra and Avalanche. Grayscale plans to add Layer 1 assets Terra and Avalanche to its portfolio of investment products. The world’s largest digital asset manager confirmed on Thursday that it has updated its holdings. The firm is on the eve of adding LUNA and AVAX to its list, which already includes a wide variety of Layer 1 and DeFi tokens across industries including Polygon, Polkadot, Solana and others.
The investment giant also announced that not all of these assets will be offered as investment products due to factors such as internal controls, custody arrangements and regulations. While Grayscale’s process of building an investment product for Terra and Avalanche is complex and multifaceted, LUNA and AVAX could benefit from this announcement. Both assets (LUNA and AVAX) appear to be forming ascending triangles on their 12-hour charts, with bullish continuation patterns suggesting that both cryptocurrencies are tied for significant gains. However, they must first overcome critical resistance.
LUNA and AVAX look ready to rise
Terra’s LUNA must form a 12-hour candlestick above $49.54 to enter a new uptrend. Breaking this hurdle could see the token rise by almost 50% to reach its all-time high of $75. The bullish view results from measuring the height of the triangle’s y-axis and adding that distance up from the breakout point.
Similarly, Avalanche must surpass $79.80 to reach its upside potential. The ascending triangle formation predicts that AVAX could rise more than 50% after breaking the overall resistance. In this case, the token could reach a new record high of $118.
It is worth noting that the bullish outlook for Terra and Avalanche can only be confirmed upon breach of the respective general supply barriers. Failure to do so can result in significant losses. Failure to overcome supply barriers could cause LUNA to drop to $40, while AVAX could drop to $62.
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