March proved to be a rollercoaster ride for investors in AVAX, the native token of the Avalanche protocol. The altcoin experienced an initial surge, escalating over 64% to trade beyond the $65 mark for the first time since May 2022. However, the dizzying heights didn’t last, with AVAX taking an 18.44% nosedive, all within the last fortnight of the month.
The fluctuating fortunes of AVAX haven’t gone unnoticed, sparking curiosity and intense scrutiny from investors and market experts. Standing out from the concerned crowd, a prominent crypto analyst known as Rekt Capital assured the virtual community against panicking, expressing that the recent plunge of the altcoin could untwist itself to be a windfall for investors.
In a communique dated March 30, Rekt Capital signified that AVAX had been on a downhill trajectory since it hit the $65-$70 price bracket in mid-March. Despite the drawbacks, the analyst went on to characterize this downward swing as a “healthy dip,” insinuating that the token can bounce back to its earlier esteemed levels.
At present, the trading value of AVAX oscillates between $52 and $54. However, Rekt Capital’s foresight places the altcoin on a trajectory heading toward the vicinity of $44-$49, echoing its zenith pricing in December 2023. Once this pricing zone is breeched, Rekt Capital foresees the token garnering support to commence an upward trend back to the coveted $65-$70 arena.
Nevertheless, the prediction doesn’t overlook the potential for continued bearish pressure. The analyst’s technical analysis illustrates a scenario wherein AVAX could experience a further dip down to near the $32.66 mark. This scenario projects a potential price nadir of 39.62% and 49.9% from the token’s contemporaneous price and its record price in March, correspondingly.
As of now, AVAX has a trading value near $53.50, with no major price shifts in the past 24 hours and a 0.51% drop over the preceding week according to CoinMarketCap data. Concurrently, the digital asset’s trading volume has diminished by 16.62%, valued at $370.86 million.
Regardless of the recent fluctuations, AVAX has been a star performer in the last half year, boasting a market elevation of 471.35%. Significantly, in December 2023, the altcoin soared nearly 150%, escalating from $20.41 to a monthly high of $49.98.
Away from the volatile market, AVAX has made encouraging strides. Recently, the Avalanche network unveiled a partnership with blockchain industry peer Chainlink and prestigious banking institution the Australia and New Zealand Banking Group (ANZ). The collaboration aims to explore how crypto-assets can be integrated into global financial settlement systems. The inclusion of AVAX in such an ambitious project is likely to boost the token’s adoption, potentially creating a positive ripple effect on its market price.
