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Bitcoin price fluctuations have a more significant impact on altcoins. Many have returned to support levels. Further BTC declines could lead to even deeper lows for altcoins that are already struggling to recover. What are the current predictions for AVAX? How much could AVAX Coin be worth in the coming days?
Avalanche (AVAX)
At the time of writing, the AVAX Coin price is at $36.6. Despite a positive opening in the US markets, BTC is finding buyers at $63,400, far from $65,000. Investors, seeing their fears justified with dips below $60,000, now struggle to regain their courage. Moreover, the Fed does not provide a clear outlook on interest rate cuts this year, and with the SEC already deciding against an ETH ETF, investors may not be unjustified in their concerns.
For about a month, Avalanche’s price has been finding buyers below $40. The gap with SOL Coin has significantly widened. Despite all the declines and market weakness, SOL Coin remains above $150, while the AVAX price is stuck below $40.
In the coming days, the current situation seems unlikely to change. The reason is the sell signal in the daily active addresses (DAA) price difference metric. We often talked about major declines before this metric, which measures investors’ confidence and appetite in the current price. At the time of writing, appetite and confidence were weak.
The adoption rate on the network is also quite low. Only 16 out of every 100 new AVAX addresses are transacting on the network. This indirectly reflects the weakness in adoption and the lack of demand for the altcoin.
AVAX Price Prediction
As mentioned in the first section, $40 is a critical threshold for AVAX, and continued closures below this could pave the way for larger declines. If $40 turns back into support, a psychological resistance area of $45 will be targeted. Then, we will focus on the upward breakout threshold that we have been discussing for months in the $50-$52 range.
Considering the bearish outlook, the more sensible scenario for now seems to be a price drop of about 12% to $32. Currently, the BTC price, negativity from the ETH ETF, and ongoing new lawsuit moves by the SEC are not supportive for the bulls.
