Avalanche's own blockchain #ECOSYSTEM cryptocurrency $AVAX
rose 16% in less than 48 hours following news that #Avalanche" Foundation will buy back all 1.97 million #tokens sold to Luna Foundation Guard in April 2022. The parties have already reached an agreement and are awaiting bankruptcy court approval.
Note that on October 10, the price of #AVAXâ
reversed after a small pullback on Thursday, the day before the parties announced the deal. The token price bounced off support at $25.04, starting the climb with significant momentum. CoinGecko data shows that AVAX is currently trading at $28.59, having set a daily high of $29.01.
This behavior of the scalability-focused cryptocurrency allows for an optimistic forecast.
The fact is that the repurchase of tokens by Avalanche Foundation o from Luna Foundation Guard will protect the ecosystem from abuse of the original agreement. This is why bulls are accumulating AVAX in anticipation of court approval.
The fact that 1.97 million AVAX will become Avalanche Foundation assets will reduce potential buying pressure on the crypto asset. Moreover, confirmation of the breakout would open the way for higher levels, and AVAX's next price target in this case would equal resistance at $30.86.
