AVAX (the native token of Avalanche’s blockchain network) has lost nearly 90% of the $144.96 record price it reached on November 21, 2021.
- The last two-months of buying pressure had a severe impact on AVAX
- Over the past 60-days, altcoin’s value has declined almost by half
- AVAX’s resistance range is $18.3 to $28.5
Based on tracking CoingeckoAs of press time, the cryptocurrency was trading at $15.07 per coin and seeing red in each zone on its price monitoring chart.
The altcoin has seen a 1.3% drop in its intraday performance and 3.9% decline over the seven-day period. AVAX also fell by 11.7% over the last 14 days, and almost half of the time in the last 2 months.
While there appears to be a breakout rally for the digital coin, there’s also the possibility that its price will once again plummet.
All that will matter is how the digital asset handles a critical situation. ResistanceIt will be based on this point that it will change whether or not the value goes up over the coming days.
AVAX Attempts to Recover from Fall
In just two months, Avalanche’s native token experienced a steep fall, declining by 49% as the asset was pummeled by excessive buying pressure.
AVAX displayed extreme volatility over the last two days, which led to the formation of a falling wedge chart on its trading charts.
This means that the cryptocurrency must be able to close at or above the trendlineTo allow buyers to access a narrow resistance range, $18.3 to 18.5 is recommended. A bullish trend for AVAX will occur if the 20 EMA is met.
The Relative Strength Index, (RSI), of the crypto was able in the meantime to turn its situation from being oversold. This should assist with pushing prices up to higher levels.
But, sellers could benefit from the downturn and put the digital currency in the much lower support level of $12.6 if it happens.
Another decline in AVAX’s prospects?
According to predictions made by CoincodexAVAX will increase its price to $15.30. However, this gain is negligible compared with the likely price dump.
AVAX will need to believe that bulls can overcome its ongoing price trend to withstand this steep decline.
However, the task is difficult as they must push past the $29 mark to get altcoin to $50. This is a sad fact because it is almost three times less than the all-time high.
Featured image from The Daily Hodl, Chart: TradingView.com| Featured image from The Daily Hodl, Chart: TradingView.com Disclaimer: This analysis should not be taken as investment advice.