Avalanche nears $12 as tokenized Treasuries surge to $545 million

Avalanche (AVAX) continued its upward momentum on Tuesday, rising 3.6% to trade near $11.53. The cryptocurrency is now close to the $12 mark, a level that has proven challenging for buyers to surpass. This climb coincided with a report highlighting significant growth in tokenized U.S. Treasuries on the Avalanche blockchain.

In a post dated 6 October, Avalanche revealed that tokenized U.S. Treasuries on its network had reached $545 million. This figure marked a 14% increase during the third quarter and was four times higher than the amount recorded a year earlier. The data was attributed to RWA.xyz, a real-world asset data platform. Tokenized Treasuries allow investors to access U.S. government debt through blockchain-based products, bringing more traditional financial assets onto the Avalanche network.

AVAX has seen a nearly 60% rise from its low around $7.23, climbing above critical average price levels that traders monitor closely. The current struggle appears to be between the $11.70 and $12 price levels, with AVAX failing to close confidently above this area in previous attempts. Another rejection could lead to sideways movement or profit-taking, but a break above $12 might signal a push toward the $13 mark.

Key support levels to watch are $10.40 and $10.50. If AVAX drops below these, it could revisit the $10 level, and a further fall to $9.15 might weaken the rally. For now, AVAX remains in a favorable position, with a rising trend, progress in network adoption, and buyers pressing against resistance. The critical question is whether they have enough momentum to turn the $12 level into support.