AVAX Displays Mixed Performance in March
AVAX, the native token of the Avalanche protocol, exhibited a combination of upward and downward trends for investors throughout the month of March. After initially surging by more than 64% to surpass the $65 mark, a level not seen since May 2022, the altcoin experienced a decline of 18.44% in the final two weeks of the month.
Analyst Remains Optimistic About AVAX Price
In a recent post on social media, popular crypto analyst Rekt Capital expressed confidence in AVAX’s potential to rebound from its recent price drop. Despite the decline, the analyst views this correction as a positive development that could pave the way for a return to previous highs.
Rekt Capital’s Analysis
- AVAX initially rallied to the $65-$70 range before retracing
- The current dip is seen as a healthy consolidation phase
- Anticipates a gradual uptrend towards $65-$70 in the future
Short-Term Price Expectations
- Current trading range: $52-$54
- Predicted support zone: $44-$49
- Potential downside target: $32.66 in bearish scenario
Overview of Avalanche (AVAX) Price
As of the latest data, AVAX is trading around $53.50, showing minimal movement over the past 24 hours and a slight decrease of 0.51% over the week. The trading volume for the token has dropped by 16.62% and currently stands at $370.86 million.
The altcoin has been a strong performer in the market, recording a notable gain of 471.35% over the past six months. In December 2023, AVAX witnessed a significant price surge of approximately 150%, reaching a monthly high of $49.98.
Positive Developments for AVAX
Recently, the Avalanche network announced a collaboration with Chainlink and ANZ Group to explore the utilization of crypto assets in global financial settlements. This partnership could enhance the adoption of AVAX, potentially influencing its market value positively.
Hot Take: AVAX’s Path Forward
AVAX continues to navigate through volatile price movements, showcasing both bullish and bearish phases. As investors monitor the altcoin’s journey, the upcoming weeks could provide clarity on whether AVAX will be able to reclaim its recent highs or face further downward pressure in the market.
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