Avalanche (AVAX) has showcased remarkable growth, soaring over 600% between October 2023 and March 2024, only to face a recent downturn. Having tested the $21 support level, the altcoin is under scrutiny as it risks further depreciation. If AVAX cannot uphold this crucial threshold, experts predict it could see significant losses ahead.
AVAX Coin’s Critical Support Level at Risk
Initially breaching the $21 barrier back in 2021, AVAX sparked a noteworthy bullish surge, culminating in a peak of $65.39 in March 2024. However, its momentum has since waned, plummeting to $55.79 by December 2024, marking a staggering decline of over 60% from its high.
What Lies Ahead for AVAX?
Currently, AVAX finds itself revisiting the pivotal $21 mark. Unlike July 2023, when it successfully held this level, the latest indicators suggest a potential break. The technical outlook warns of continued price drops, with current trends raising alarms among traders.
– AVAX peaked at $65.39 in March 2024, then fell sharply.
– The coin is now testing the $21 support level once again.
– Technical analysis indicates a possible decline to $14.56 if downward trends persist.
– A strong recovery above $21 could signal a bullish reversal, though indicators are currently unfavorable.
While the opportunity for recovery exists, the current market signals indicate a challenging path ahead for AVAX. Traders are advised to monitor the situation closely, particularly the altcoin’s ability to maintain the critical $21 support. If it fails, the potential for a drastic drop looms large.
