June 21, 2024

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

AVAX Price Analysis: March Recap

AVAX, the native token of the Avalanche protocol, experienced a rollercoaster ride for investors throughout March. Initially surging by over 64% to surpass $65, it later faced an 18.44% decline in the final two weeks.

Expert Insight: Rekt Capital’s Analysis

Popular crypto analyst Rekt Capital, known for the handle X, advised against panic, deeming the recent decline as potentially advantageous for investors.

Rekt Capital predicts a return to the $65-$70 price range for AVAX after a healthy dip. The analyst suggests that the token may retrace to the $44-$49 zone, its peak in December 2023, before embarking on an upward trajectory.

However, in the face of significant bearish pressure, AVAX could plummet further to around $32.66, representing a potential decline of 39.62% from its current price and 49.9% from its peak in March.

Avalanche (AVAX) Price Overview

As of the latest data, AVAX trades around $53.50, showing minimal movement over the past day but a 0.51% decline over the week. Trading volume has decreased by 16.62% to $370.86 million.

Despite recent fluctuations, AVAX has been among the best-performing assets in the past six months, boasting a remarkable market gain of 471.35%. In December 2023, it surged by approximately 150% from $20.41 to a monthly high of $49.98.

Positive Developments Off the Market

Beyond price movements, AVAX has made strides in partnerships. A collaboration between the Avalanche network, Chainlink, and the Australia and New Zealand Banking Group (ANZ) aims to explore the use of crypto assets in global financial settlement systems. Integration in such projects could significantly boost AVAX adoption and positively impact its market price.

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