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Avalanche (AVAX) surged over 600% from October 2023 to March 2024, drawing significant attention. However, it has recently lost momentum, with prices declining after testing the $21 support level. If AVAX fails to maintain this support, it could face further serious losses. Technical analysis suggests a potential 30% drop for AVAX, raising concerns among its community.
AVAX Coin’s Critical Support Level at Risk
AVAX coin originally exceeded the $21 mark in 2021, sparking a notable bull rally. This rally peaked at $65.39 in March 2024, but since then, the popular altcoin has been in decline. By December 2024, AVAX had retraced to $55.79, resulting in a loss of over 60% since its peak.
This week, AVAX has returned to the critical $21 level. While it found support at this level in July 2023, current indicators suggest a different outcome this time. Technical signals indicate the price may continue to decline.
Potential Downward Scenario for AVAX
According to the Elliott Wave Theory, AVAX is currently in the C phase of an A-B-C correction wave. Following the peak of $65.39 in March 2024, the price entered a corrective phase. Wave analysis suggests that the most likely target is around the $14.56 level, calculated as a support point if the C wave matches the length of the A wave.
Should AVAX rebound sharply from its current support level and surpass the middle of its channel, a bullish scenario could emerge. However, current indicators suggest this likelihood is low. Generally, if the altcoin consistently closes daily candles below $21, it could indicate a sharp drop towards $14.50.
