Analyst: Avalanche (AVAX) In ‘Healthy’ Retreat, Potential Rebound Lies Ahead
March 31 2024 - 6:00AM
NEWSBTC
AVAX, the native token of the Avalanche protocol, presented a mixed
experience for investors in the month of March. The altcoin
initially rose by over 64% to trade above $65 for the first time
since May 2022 before declining by 18.44% in the last two
weeks. Unsurprisingly, AVAX’s price movement has drawn much
attention from investors and market experts alike. Notably, a
popular crypto analyst with the X handle Rekt Capital has advised
against panic, stating the recent decline of the altcoin could
prove to be rather beneficial for investors. Related Reading: AVAX
Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In
Profit AVAX To Return To $65-$70 Price Zone, Analyst Stands
Confident In a post on X on March 30, Rekt Capital shared that AVAX
has suffered an overall decline since encountering the $65-$70
price zone in mid-March. However, the analyst has described this
price drop as a “healthy dip,” which could result in the token
returning to previously high levels. $AVAX Avalanche rallied to the
$65-$70 area And is now dipping towards the December 2023 highs
(red) This is a healthy dip to set AVAX up for the next uptrend
back to the $65-$70 area again, over time#AVAX #Crypto #Avalanche
https://t.co/o7s9sU4eIN pic.twitter.com/5QJG2e581Y — Rekt Capital
(@rektcapital) March 30, 2024 Currently, AVAX trades in the range
of $52-$54, but Rekt Capital predicts the altcoin is heading to the
region of $44-$49, which represents its highest price points
recorded in December 2023. On entering this price zone, Rekt
Capital expects the token to find support and embark on an uptrend
back to the $65-$70 region. However, in the presence of
overwhelming bearish pressure, the analyst technical analysis
revealed that AVAX could drop further to around $32.66, indicating
a potential price decline of 39.62% and 49.9% from the coin’s
current price and its peak price in March, respectively
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Overview At the time of writing, AVAX trades around $53.50
with no significant price movement in the last day, while recording
a 0.51% decline over the past week based on data from
CoinMarketCap. Meanwhile, the crypto asset’s trading volume is down
by 16.62% and valued at $370.86 million. However, AVAX has
generally been one of best best-performing assets in the last six
months boasting a market gain of 471.35% within this period.
Notably, in December 2023, the altcoin rose by about 150% to move
from $20.41 to a monthly high of $49.98. Off the market, AVAX has
also scored some positive strides. Most recently, the Avalanche
network announced a collaboration with fellow blockchain Chainlink
and the prestigious Australia and New Zealand Banking Group (ANZ)
targeted at exploring the use of crypto assets in global financial
settlement systems. The use of AVAX in such a project would largely
amplify the token’s adoption, which would elicit a positive effect
on its market price. AVAX trading at $53.30 on the daily chart |
Source: AVAXUSDT chart on Tradingview.com Featured image from
Zipmex, chart from Tradingview
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