The cryptocurrency market is experiencing various outcomes, with Bitcoin hitting a new peak and some altcoins following suit. However, some cryptocurrencies have not yet reached their highest points, causing concern for investors about possible future increases. One such cryptocurrency is AVAX. A financial analyst is analyzing the recent decline of AVAX following its rapid increase. Here are the analyst's insights.
Analyst Identifies Essential Levels for AVAX
AVAX attracted attention by reaching $65 recently but then experienced a decline. Analyst Rekt Capital provides guidance for AVAX investors during this decline. The analyst views the current price drop of AVAX as a healthy correction, suggesting that the cryptocurrency is preparing for another upward trend towards the $65-70 range.
This evaluation offers hope to AVAX investors that the cryptocurrency may soon return to its previous peaks. However, the future increase in AVAX's price is also tied to Bitcoin's performance.
AVAX Still Aims to Surpass All-Time High Record
AVAX is still striving to exceed its previous all-time high of $147, currently sitting 64% below it with $56 acting as a crucial resistance level.
Recently, AVAX has taken steps to support meme coins on its network, which has the potential to impact its price positively. Just like Solana, meme coins' activities on a blockchain network can contribute to a rise in the network's cryptocurrency value.
As of the time of writing, AVAX is trading at $53.37, reaching a high of $54.63 in the last 24 hours. AVAX holds the 10th position in the cryptocurrency market with a market capitalization of $20.1 billion. This data highlights the current status of AVAX in the market.
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