Avalanche $19.94 (AVAX), between October 2023 and March 2024 over 600 percent of over 600 percent, managed to attract all the attention. However, after this great rise, the price acceleration lost declining. Re -testing the $ 21 level in recent weeks Avaxcan give another serious loss if he cannot maintain this support. Technical analysis data raises the possibility of a 30 percent drop for Avax.
The critical support level in Avax Coin price is at risk
Avax CoinIn 2021, he exceeded the $ 21 level and triggered a large bull rally. However, the rise, which began at this level, ended at $ 65,39 in March 2024 and the popular Altcoin declined. Avax withdrew from $ 55.79 in December 2024, that day, today lost more than 60 percent value.
This week, AVAX has returned to critical $ 21. Although he found support from this level in July 2023, the situation may be different. Technical indicators give signals that the price may fall further.
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For Altcoin Relative power index (RSI) indicator has fallen below 50 and Macd He’s watching in the negative area. These two technical indicators indicate that if the $ 21 support is broken, the price may decrease to $ 11.
On the other hand, there are positive developments in the avalanche ecosystem. Founder and CEO US Commodity Futures Commission The (CFTC) Board is included in the Board and the re -branding of Core Wallet stands out as positive elements. However Donald Trump‘s strategic crypto currency reserve Avax Coin drew attention.
Possible decline scenario for AVAX
Frequently used in technical analysis Elliott Wave TheoryAccording to Avax, ABC is in the C stage of the correction wave. After the $ 65.39 summit reached in March 2024, the price entered the correction phase in this wave. According to the wave analysis, the most likely target seems to be the level of $ 14.56. This level is calculated if the C wave is as long as the A wave. It also coincides with the lower trend line of the price channel.
AVAX’s exceeding the midpoint of the channel by making a hard leap from the current support level can bring the bull scenario to the agenda. However, the existing indicators show that this possibility is low. In general, Altcoin’s daily candle closures below $ 21 shows that the price may go to a harsh decline towards $ 14.50.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
