AVAX, the native token of the Avalanche protocol, offered a combined 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 worth motion has drawn a lot consideration from traders and market specialists alike. Notably, a well-liked crypto analyst with the X deal with Rekt Capital has suggested towards panic, stating the current decline of the altcoin may show to be relatively helpful for traders.
AVAX To Return To $65-$70 Worth Zone, Analyst Stands Assured
In a submit on X on March 30, Rekt Capital shared that AVAX has suffered an total decline since encountering the $65-$70 worth zone in mid-March. Nevertheless, the analyst has described this worth drop as a “wholesome dip,” which may end result 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 (crimson)
This can be 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 worth factors recorded in December 2023. On coming into this worth zone, Rekt Capital expects the token to seek out assist 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 worth decline of 39.62% and 49.9% from the coin’s present worth and its peak worth in March, respectively
Avalanche (AVAX) Worth Overview
On the time of writing, AVAX trades round $53.50 with no important worth motion within the final day, whereas recording a 0.51% decline over the previous week primarily based on information 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 typically been certainly one of finest best-performing property within the final six months boasting a market acquire 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 constructive strides. Most not too long ago, the Avalanche community introduced a collaboration with fellow blockchain Chainlink and the distinguished Australia and New Zealand Banking Group (ANZ) focused at exploring using crypto property in international monetary settlement techniques. The usage of AVAX in such a mission would largely amplify the token’s adoption, which might elicit a constructive impact on its market worth.
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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