Cryptocurrency flagship Bitcoin is breaking its historical record, and some altcoins are also starting to hit new highs. However, some cryptocurrencies are still far from their peak levels. This situation can be viewed negatively by investors, leading to questions about whether there will be further increases. One such cryptocurrency is AVAX. An analyst is deciphering AVAX’s recent decline after its surge. Let’s take a look at their comments.
Analyst Indicates These Levels for AVAX
AVAX caught attention by rapidly climbing to the $65 level in recent weeks. Analyst Rekt Capital offers advice to AVAX investors following the subsequent decline. According to the analyst, the price drop of the cryptocurrency AVAX indicates a very healthy situation:
“AVAX rose towards the $65-70 region. And now it’s falling towards the highest levels of December 2023 (red). This pullback is a healthy decline to prepare AVAX for its next upward trend towards the $65-70 region over time.”
This assessment promises hope to AVAX investors that the cryptocurrency may soon return to the regions it recently surged to. Of course, it’s important to remember that any increase in the cryptocurrency will also depend on Bitcoin‘s price not declining.
AVAX’s All-Time High Record Still Has a Way to Go
The cryptocurrency AVAX still has a way to go to break its all-time high record. Currently, AVAX is 64% below its all-time high of $147, with $56 now becoming a critical resistance area.
It’s worth noting that AVAX has recently taken steps to support meme coins on its network. As seen with Solana, activities involving meme coins on a network can play a significant role in increasing the price of that network’s cryptocurrency.
Writing this article, we see that the cryptocurrency AVAX is trading at $53.37. In the last 24 hours, altcoin AVAX has seen a high of $54.63. AVAX currently ranks 10th in the crypto world, with a market value of $20.1 billion.
