Analyst: Avalanche (AVAX) In ‘Healthy’ Retreat, Potential Rebound Lies Ahead
AVAX, the native token of the Avalanche protocol, has had a rollercoaster ride for investors in March. After initially rising by over 64%, reaching its highest price since May 2022, the altcoin has seen a decline of 18.44% in the last two weeks. Market experts are closely watching these price movements, with crypto analyst Rekt Capital advising investors not to panic, suggesting that the recent dip in price could actually be beneficial.
Rekt Capital believes that the drop in AVAX’s price is a “healthy dip” and sees the potential for the token to return to its previous high levels. Currently trading in the $52-$54 range, the analyst predicts that AVAX could dip further to $44-$49, representing its highest price points recorded in December 2023. Rekt Capital expects the token to find support in this price zone and then embark on an uptrend back to the $65-$70 region.
However, in the face of bearish pressure, Rekt Capital’s technical analysis suggests that AVAX could drop further to around $32.66, indicating a potential decline of 39.62% and 49.9% from its current price and its peak price in March, respectively.
As of now, AVAX is trading around $53.50, with a 0.51% decline over the past week. Despite this recent decline, AVAX has been one of the best-performing assets in the last six months, with a market gain of 471.35%. The altcoin’s positive strides off the market, including collaborations with Chainlink and the Australia and New Zealand Banking Group, are expected to contribute to its adoption and potentially impact its market price.
Disclaimer: This article is for educational purposes only and does not constitute investment advice. It is recommended to conduct your own research before making any investment decisions.