🚨 Blockchain Groups Urge SEC to Make Digital Commodity Classification Legally Binding!
Six blockchain organizations, including Chainlink, Hedera, Aptos Labs, Avalanche, Stellar, and the Cardano Foundation, have urged the U.S. SEC to include its proposed “digital commodity” classification directly in binding rule text.
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🔴 Avalanche (AVAX) Rebounds Off $6 Support as Buyers Eye Breakout Toward $7
As of August 4, Avalanche (AVAX) is trading at around $6.81, up 6% on the day, with the trading volume surging by over 42%, settling at $326.48 million. The asset has spent months bleeding into the black demand zone, but now the chart is shifting.
With the bearish pressure in the early hours, the AVAX price was pushed down to the $6.42 level. After the change in momentum, it likely tested and broke the crucial resistance and gradually climbed to a high of $6.95.
Instead of extending the decline with fresh momentum, each monthly candle has been showing reduced downside pressure while defending the same base. On the shorter timeframe, a double bottom is taking shape. Two strong reactions around the $6.77–$6.79 support zone show buyers stepping in aggressively at the same level twice.
Moreover, the neckline sits at $6.84, the level that confirms the double bottom if broken cleanly. A breakout above it opens the door toward $6.90–$6.95 as the next target zone. Upon holding $6.77–$6.79, the demand zone stays intact. Lose it, and the recovery thesis weakens significantly.
🔸 Can Avalanche Carry the Momentum Higher?
Avalanche’s four-hour technical analysis shows that the Moving Average Convergence Divergence line is stationed above the signal line. The short-term buying momentum is accelerating and triggering a strong buy signal. As both lines are above zero, the long-term trend is strongly bullish.
Also, the buyers are in full control across both short-term and long-term timeframes. As long as this setup stays intact, the path of least resistance is up. If the lines get excessively stretched far above zero, it indicates that the trend is getting overextended.
Moreover, the daily Relative Strength Index (RSI) value resting at 65.84 suggests strong bullish momentum, showing that buyers are firmly in control of the AVAX market. It is sitting above the 50 neutral line; the price is pushing upward with high conviction.
#AVAX | #Avalanche | $AVAX
$AVAX on the move again; can it break $7 now? It is currently testing a major zone that capped its last attempt.
$AVAX rallied from its $6.0 low over the weekend to $6.98 earlier today, nearly touching $7.0. However, it got quickly rejected and is now correcting around $6.8. On the 4H chart, the MACD is clearly bullish, with the RSI still looking strong for more leg up before pushing to overbought territory.
This current move of $AVAX has genuine volume, and it looks like it might eventually close above $7.0 today; it’s already making a monthly high.
On the fundamental side, Kenya's national examinations body, KNEC, has placed more than 30 million academic records onto the #Avalanche network as part of a new credential-verification system aimed at cutting down certificate fraud. This new expansion is one of Avalanche’s largest public-sector deployments to date, extending the chain's use case beyond DeFi and into government infrastructure.
$AVAX needs to keep this correction above $6.70 with sustained volume for a good rally above $7.0. If it falls below $6.50 into the $6.30 levels, then it would clear all its gains to find support around $6.0 as the RSI cools off.
Levels to watch out for from here:
On the long path: $6.70 - $6.80, then $7.0 and above.
On the down path: A break of $6.50 isn’t a friendly zone for longers.
