While Bitcoin breaks records and some altcoins reach new heights, not every digital currency is currently peaking. This discrepancy raises investor concerns about future growth prospects. AVAX, a cryptocurrency that has recently fallen from a notable high, is under scrutiny by analysts contemplating its potential for recovery.
Rekt Capital’s Insight on AVAX’s Recent Dip
Rekt Capital, a prominent analyst, has examined AVAX’s price trajectory, which saw a significant rise to $65 before experiencing a decline. The analyst interprets this downturn as a positive retracement, setting the stage for another ascent towards the $65-$70 range. This perspective offers optimism to investors, suggesting the pullback is laying the groundwork for a renewed upward momentum.
Investors, however, should bear in mind that AVAX’s recovery is not only contingent on its own market dynamics but also on Bitcoin’s stability. A decline in Bitcoin’s value could influence AVAX’s price adversely.
Challenges Ahead for AVAX to Achieve Record Highs
Despite the potential for a rebound, AVAX still trails considerably behind its peak value, currently sitting 64% lower than its all-time high of $147. The $56 mark is now seen as a pivotal resistance level that needs to be overcome. The network’s recent initiatives to embrace meme coins could provide a stimulus for price escalation, echoing the success seen by other networks like Solana.
At the time of writing, AVAX is priced at $53.37, with a 24-hour high of $54.63. It holds the tenth position in the cryptocurrency market with a capitalization of $20.1 billion.