AVAX, the native token of the Avalanche protocol, introduced a blended expertise for traders within the month of March. The altcoin initially rose by over 64% to commerce above $65 for the primary time since Could 2022 earlier than declining by 18.44% within the final two weeks.
Unsurprisingly, AVAX’s value motion has drawn a lot consideration from traders and market consultants alike. Notably, a preferred crypto analyst with the X deal with Rekt Capital has suggested towards panic, stating the current decline of the altcoin may show to be fairly useful for traders.
AVAX To Return To $65-$70 Value Zone, Analyst Stands Assured
In a put up on X on March 30, Rekt Capital shared that AVAX has suffered an general decline since encountering the $65-$70 value zone in mid-March. Nevertheless, the analyst has described this value drop as a “wholesome dip,” which may outcome within the token returning to beforehand excessive ranges.
Avalanche rallied to the $65-$70 space
And is now dipping in direction of the December 2023 highs (pink)
It is a wholesome dip to set AVAX up for the subsequent uptrend again to the $65-$70 space once more, over time#AVAX #Crypto #Avalanche https://t.co/o7s9sU4eIN pic.twitter.com/5QJG2e581Y
— Rekt Capital (@rektcapital) March 30, 2024
At present, AVAX trades within the vary of $52-$54, however Rekt Capital predicts the altcoin is heading to the area of $44-$49, which represents its highest value factors recorded in December 2023. On getting into this value zone, Rekt Capital expects the token to seek out help and embark on an uptrend again to the $65-$70 area.
Nevertheless, within the presence of overwhelming bearish stress, the analyst technical evaluation revealed that AVAX may drop additional to round $32.66, indicating a possible value decline of 39.62% and 49.9% from the coin’s present value and its peak value in March, respectively
Avalanche (AVAX) Value Overview
On the time of writing, AVAX trades round $53.50 with no important value motion within the final day, whereas recording a 0.51% decline over the previous week primarily based on knowledge from CoinMarketCap. In the meantime, the crypto asset’s buying and selling quantity is down by 16.62% and valued at $370.86 million.
Nevertheless, AVAX has usually been one in every of greatest best-performing property within the final six months boasting a market achieve of 471.35% inside this era. Notably, in December 2023, the altcoin rose by about 150% to maneuver from $20.41 to a month-to-month excessive of $49.98.
Off the market, AVAX has additionally scored some optimistic strides. Most just lately, the Avalanche community introduced a collaboration with fellow blockchain Chainlink and the celebrated Australia and New Zealand Banking Group (ANZ) focused at exploring using crypto property in world monetary settlement techniques. Using AVAX in such a venture would largely amplify the token’s adoption, which might elicit a optimistic impact on its market value.
AVAX buying and selling at $53.30 on the day by day chart | Supply: AVAXUSDT chart on Tradingview.com
Featured picture from Zipmex, chart from Tradingview
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