- AVAX attracted a lot of attention from analysts and investors when it broke above $65 in March and subsequently dropped by 18.44%.
- An analyst believes AVAX will rise to the $65–$70 area despite possible short-term declines, supported by strategic alliances and strong performance over the last six months.
March has been a wild journey for AVAX, the native cryptocurrency of the Avalanche protocol. After first rising more than 64% to break through the $65 barrier—a milestone not seen since May 2022—the digital asset saw a decline of 18.44% in the last two weeks of the month. In addition to captivating investors, this volatility has drawn the attention of market analysts.
Expert Perspective on AVAXÂ
Rekt Capital, a well-known cryptocurrency expert, is one of the voices providing analysis. Rekt Capital, which has a sizable following on the X, offered a bright spot during the current downturn.
Avalanche rallied to the $65-$70 area
And is now dipping towards the December 2023 highs (red)
This is a healthy dip to set AVAX up for the next uptrend back to the $65-$70 area again, over time#AVAX #Crypto #Avalanche https://t.co/o7s9sU4eIN pic.twitter.com/5QJG2e581Y
— Rekt Capital (@rektcapital) March 30, 2024
The analyst describes the decline as a “healthy” market correction and suggests that AVAX may be able to recover to its mid-March highs in the $65–$70 range, if not exceed them.
Rekt Capital predicts that despite the current trading range of $52-$54, prices could drop to the $44-$49 area, which would mirror the top prices of December 2023, before rising again. This predicted support level is thought to serve as a springboard for a recovery to earlier highs.
But a warning was also issued: excessively bearish pressures may lead AVAX to a more vulnerable position, possibly falling below $32.66, which would represent a significant drop from both its current position and its peak in March. To explore more details about this development, you can watch the following YouTube video:
The latest performance and market outlook of AVAX
The most recent data shows that AVAX is trading at roughly $47.65, down 18.80% on a weekly basis. The trade volume has dropped to $370.86 million, a 16.62% reduction.
AVAX has demonstrated exceptional performance over the past six months, as evidenced by its 471.35% gain in market value, even in light of the recent swings. The asset had an extraordinary trajectory, with a noticeable 150% increase in December 2023.
Strategic Partnerships and Upcoming Opportunities
Outside of the trade floor, Avalanche has been forming key partnerships, most notably with Australia and New Zealand Banking Group (ANZ) and blockchain pioneer Chainlink, as previously reported by ETHNews.
With this agreement, AVAX will take a big step forward that goes beyond its market performance as it explores the possibilities of cryptocurrencies in the context of international financial settlements.