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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Analyst: Avalanche (AVAX) In ‘Healthy’ Retreat, Potential Rebound Lies Ahead

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
AVAX

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AVAX, the native token of the Avalanche protocol, presented a mixed experience for investors in the month of March. The altcoin initially rose by over 64% to trade above $65 for the first time since May 2022 before declining by 18.44% in the last two weeks. 

Unsurprisingly, AVAX’s price movement has drawn much attention from investors and market experts alike. Notably, a popular crypto analyst with the X handle Rekt Capital has advised against panic, stating the recent decline of the altcoin could prove to be rather beneficial for investors.

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AVAX To Return To $65-$70 Price Zone, Analyst Stands Confident

In a post on X on March 30, Rekt Capital shared that AVAX has suffered an overall decline since encountering the $65-$70 price zone in mid-March. However, the analyst has described this price drop as a “healthy dip,” which could result in the token returning to previously high levels.

$AVAX

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

Currently, AVAX trades in the range of $52-$54, but Rekt Capital predicts the altcoin is heading to the region of $44-$49, which represents its highest price points recorded in December 2023. On entering this price zone, Rekt Capital expects the token to find support and embark on an uptrend back to the $65-$70 region. 

However, in the presence of overwhelming bearish pressure, the analyst technical analysis revealed that AVAX could drop further to around $32.66, indicating a potential price decline of 39.62% and 49.9% from the coin’s current price and its peak price in March, respectively 

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1 year ago

Avalanche (AVAX) Price Overview 

At the time of writing, AVAX trades around $53.50 with no significant price movement in the last day, while recording a 0.51% decline over the past week based on data from CoinMarketCap. Meanwhile, the crypto asset’s trading volume is down by 16.62% and valued at $370.86 million. 

However, AVAX has generally been one of best best-performing assets in the last six months boasting a market gain of 471.35% within this period. Notably, in December 2023, the altcoin rose by about 150% to move from $20.41 to a monthly high of $49.98.

Off the market, AVAX has also scored some positive strides. Most recently, the Avalanche network announced a collaboration with fellow blockchain Chainlink and the prestigious Australia and New Zealand Banking Group (ANZ) targeted at exploring the use of crypto assets in global financial settlement systems. The use of AVAX in such a project would largely amplify the token’s adoption, which would elicit a positive effect on its market price.


AVAXAVAX trading at $53.30 on the daily chart | Source: AVAXUSDT chart on Tradingview.com

Featured image from Zipmex, chart from Tradingview

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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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