According to an announcement made Tuesday, AVAX, the native token of the high-throughput Avalanche blockchain, has started trading on the San Francisco-based Kraken exchange.

octopus notification listed AVAX on December 16 and opened a deposit facility for holders. Users can now trade tokens against US dollars and euros.

Following this news, the price of the “Ethereum Destroyer” hit a new record high, having risen by more than 13% in the past 24 hours. AVAX hit its current high of $ 144.96 on December 21st.

AVAX 4-Hour Price Chart | Source: Tradingview

A series of bullish news

Circle’s USDC added AVAX support last Tuesday, pushing the price up more than 10% in a single day.

Leading crypto regulator BitGo also added support for the token last week. BitGo currently manages $ 64 billion in assets.

AVAX reached the top 10 by market capitalization (just behind Terras LUNA). According to research firm Delphi Digital, Avalanche’s C-chain development activity is growing rapidly with over 70,000 unique contracts already implemented in the chain.

Avalanche development activities | Source: Avalanche Network

The Bank of America team commented on Avalanche as a viable alternative to Ethereum in a report released in early December that bolstered the token’s bullish fall.

AVAX price towards $ 170

AVAX has largely weathered the downtrend Metaverse and other gaming tokens have experienced in recent weeks. However, AVAX could gain even more if it just breaks the important area of ​​resistance ahead of it.

The price is currently slightly above the hard resistance area near $ 120, which includes a high volume node at the 2021 volume record and the 61.8% fib retracement level. Just above this zone is the key psychological price level of $ 125. Closing prices above these areas could lead to a significant increase.

If AVAX can close at or above USD 125 it will confirm a breakout of 2 major resistance areas and complete one of the most sought after entry strategies in the Ichimoku Kinko Hyo: Breakout Ichimoku System. The ideal entry point for the Ichimoku breakout occurs when the following conditions are met:

– The current closing price is above the cloud (above Senkou Span A and Senkou Span B).

– Current closing price is above Tenkan-Sen and Kijun-Sen.

– Tenkan-Sen is on Kijun-Sen.

– If Tenkan-sen is below Kijun-sen, then Tenkan-sen must face up, while Kijun-sen is either flat or down.

– Future Senkou Span A lies above Future Senkou Span B.

– If Future Senkou Span A is below Future Senkou Span B, Future Senkou Span A must point up, while Future Senkou Span B is flat or down.

– Chikou Span on candles and outdoors.

Ichimoku AVAX / USDT daily chart. Source: TradingView

The most important condition is that the chikou span be above the candle and the open space. This last condition will provide bullish momentum after the entry strategy as it confirms that there is no resistance above the price line going up in the future. The expected profit target is 100 percent Fib expansion at $ 170.

This bullish outlook will be invalidated if AVAX closes on the cloud near the $ 100 region.

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