AVAX, the native token of the Avalanche protocol, introduced a blended expertise for buyers within the month of March. The altcoin initially rose by over 64% to commerce above $65 for the primary time since Might 2022 earlier than declining by 18.44% within the final two weeks. 

Unsurprisingly, AVAX’s value motion has drawn a lot consideration from buyers 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 reasonably helpful for buyers.

AVAX To Return To $65-$70 Value Zone, Analyst Stands Assured

In a publish 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 consequence within the token returning to beforehand excessive ranges.

$AVAX

Avalanche rallied to the $65-$70 space

And is now dipping in the direction of the December 2023 highs (purple)

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

Presently, 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 coming into this value zone, Rekt Capital expects the token to search 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 based mostly 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 usually been one in every of greatest best-performing belongings 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 belongings in world monetary settlement techniques. The usage of AVAX in such a venture would largely amplify the token’s adoption, which might elicit a constructive impact on its market value.

AVAX buying and selling at $53.30 on the every day chart | Supply: AVAXUSDT chart on Tradingview.com

Featured picture from Zipmex, chart from Tradingview

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