Analyst Forecasts Rebound to $65-$70 Zone Following Recent Downturn

• Despite its price volatility, Avalanche (AVAX) continues to draw attention from both investors with prominent crypto analyst Rekt Capital advising buy on dips.
• CoinCodex offers a bullish forecast for AVAX, predicting a potential surge to $180 for AVAX by the beginning of May 2024.

In March, Avalanche blockchain’s native cryptocurrency AVAX, witnessed some sort of volatility with the altcoin surging by a staggering 64% in the first half of 2024 and crossing $65 for the first time since May 2022. However, in the last two weeks of March, the AVAX price witnessed a pullback of 18.44%.

The fluctuations in AVAX’s price have garnered significant interest from both investors and market analysts. Notably, prominent crypto analyst Rekt Capital has cautioned against panic, suggesting that the recent downturn in the altcoin’s value could potentially offer advantageous opportunities for investors.

In his last week’s post on March 30, Rekt Capital stated that AVAX’s decline from the $65-$70 price range over the last two weeks presents a buying opportunity for long-term investors. The analyst calls this price drop a “healthy dip” which could push the token price back to its previous highs.

$AVAX

Avalanche rallied to the $65-$70 area

And is now dipping towards the December 2023 highs (red)

This is a healthy dip to set AVAX up for the next uptrend back to the $65-$70 area again, over time#AVAX #Crypto #Avalanche https://t.co/o7s9sU4eIN pic.twitter.com/5QJG2e581Y

— Rekt Capital (@rektcapital) March 30, 2024

Presently, AVAX is trading within the $52-$54 range, yet according to Rekt Capital’s analysis, the altcoin is anticipated to trend towards the $44-$49 range, reminiscent of its peak prices recorded in December 2023. Upon reaching this price zone, Rekt Capital foresees the token encountering support and initiating an upward trajectory toward the $65-$70 range.

Nevertheless, amid the prevailing bearish sentiments, the analyst indicates the potential for AVAX to decline further to approximately $32.66. This suggests a potential price decrease of 39.62% and 49.9% from the coin’s current price and its peak in March, respectively.

Avalanche (AVAX) Price Can Touch $180 In Q2

CoinCodex, a prominent player in the cryptocurrency sphere, has issued a bullish forecast for Avalanche (AVAX), indicating a potential surge to $180 by the onset of May 2024. Despite a marginal 4% decline witnessed over the past week, AVAX is currently exhibiting an upward trajectory, oscillating between $52.94 and $58.31 within the week’s trading range.

Despite recent setbacks, the token’s resurgence has ignited optimism among analysts and cryptocurrency enthusiasts, fostering expectations for a sustained bullish trend. CoinCodex’s projection of AVAX reaching $180 in the second quarter of 2024 has captured the attention of traders who are closely monitoring the token’s price dynamics, eagerly anticipating an opportune entry point.

Despite recent fluctuations, AVAX has consistently emerged as one of the top-performing assets over the past six months, boasting an impressive market gain of 471.35% during this period. Notably, in December 2023, the altcoin surged by approximately 150%, soaring from $20.41 to a monthly peak of $49.98.

Beyond its market performance, AVAX has made significant strides in other areas. Most notably, the Avalanche network recently announced a strategic collaboration with blockchain platform Chainlink, as reported by Crypto News Flash.

Additionally, in mid-March 2024, crypto exchange Binance perpetual contracts for the AVAX altcoin on its futures platform, per the Crypto News Flash report. This is likely to instill further liquidity for the altcoin.