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The tumultuous month of May, causing substantial losses for crypto investors, is finally ending with less than 24 hours to go. This month saw the markets hit new lows triggered by significant whale sell-offs early on. Some altcoins even fell below their levels from January. However, as of Sunday, noticeable recoveries have started to take shape. So, what’s next?
Avalanche (AVAX) Significant Development
A few weeks ago, Avalanche announced that it would support EuroCoin, a stablecoin pegged to the Euro. This launch has finally taken place and has been confirmed to be live on Avalanche. The introduction of EUROC on Avalanche was a significant development for the concerned parties.
Previously operating solely on the Ethereum network, the stablecoin is now accessible for the Avalanche community as well. Thanks to Avalanche, which could boost adoption in the European region, we may see a recovery in the AVAX price.
Avalanche (AVAX) Comment
In the final days of the month, investor losses decreased, and we see a crypto market celebrating distancing from the US’s default risk. The expected happened; the agreement and Bitcoin’s rise were not a surprise. So, what’s expected for AVAX? AVAX has nearly expanded the breakdown below the rising support since the first week of May by almost 15%. Despite the bearish performance, it managed to avoid entering the oversold zone, and bulls regained control, albeit briefly, over the past few days.
At the time of writing, the AVAX price was above $14.5. This is a positive development, as it has distanced from the $14.24 support. However, investors need more closes above $14.9 to see further rise.
If the price surpasses this region, it could be considered to have bounced back from the sharp decline that began on May 5th. It will then target a new peak between $17.4 and $21.6. Investors are not hopeless, as a robust recovery rally started from the current area on March 12th.
Bitcoin’s price performance will be impactful for AVAX. For now, the price above $27,800 has tested $28,000 several times. Significant data coming tomorrow could affect the general trend of the market. Thursday and Friday will also be busy on the macro front for crypto investors. We had shared the list of significant developments in cryptos for the week with you on Sunday.
