Analyst: Avalanche (AVAX) In ‘Healthy’ Retreat, Potential Rebound Lies Ahead

In March, AVAX, the token linked to the Avalanche platform, gave investors contrasting results. At the start of the month, it surged by more than 64%, reaching a price above $65 for the first time since May 2022. However, over the last two weeks, its value dropped by approximately 18.44%.

It’s no shock that the price fluctuations of AVAX have piqued the interest of both investors and market experts. Notably, a well-known crypto analyst with the handle X, Rekt Capital, has urged calmness instead of panic, suggesting that this recent drop in the altcoin could potentially bring advantages to investors.

AVAX To Return To $65-$70 Price Zone, Analyst Stands Confident

On March 30, Rekt Capital posted that AVAX experienced a general decrease in value after reaching the $65-$70 range around mid-March. Yet, this analyst characterizes this price fall as a “natural correction,” implying it could lead AVAX to rebound and regain its previous height.

Avalanche rallied to the $65-$70 area
And is now dipping towards the December 2023 highs (red)
Buying AVAX at its current price is a good investment for those looking to capitalize on the next uptrend, potentially bringing the token back to the $65-$70 range. #AVAX #Crypto #Avalanche
— Rekt Capital (@rektcapital) March 30, 2024

At present, AVAX is priced between $52 and $54. However, according to Rekt Capital’s analysis, this altcoin is projected to reach the price range of $44 to $49, which were its highest recorded prices in December 2023. Upon reaching this zone, Rekt Capital anticipates that AVAX will encounter support and subsequently initiate an upward trend towards $65 and $70.

Despite strong selling forces pushing AVAX down, the technical analysis by the analyst suggested that the coin could fall as low as $32.66, representing a possible decline of approximately 39.62% from its current price and a significant drop of around 49.9% from its March peak price.

Avalanche (AVAX) Price Overview 

Currently, AVAX is priced at approximately $53.50 during this writing, with minimal price fluctuations over the past day. However, there has been a small decrease of 0.51% in its value over the last week according to CoinMarketCap’s data. Additionally, the trading volume for AVAX has decreased by 16.62%, totaling $370.86 million in value.

In the past six months, AVAX has stood out as one of the top-performing assets, achieving a remarkable gain of 471.35%. Impressively, its value surged by approximately 150% in December 2023 alone, propelling it from $20.41 to a new monthly high of $49.98.

AVAX has made some noteworthy advances outside of the market as well. Not long ago, Avalanche network unveiled partnerships with Chainlink and ANZ Banking Group of Australia and New Zealand. The goal is to investigate how cryptocurrencies like AVAX can be integrated into international financial transactions. This potential application could significantly boost AVAX‘s usage and, in turn, positively influence its market value.

Analyst: Avalanche (AVAX) In ‘Healthy’ Retreat, Potential Rebound Lies Ahead

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2024-03-31 13:16