This post was originally published on Bitcoinist
The crypto market experienced a notable pullback yesterday, with many assets retreating to lower levels. Avalanche (AVAX) suffered a 15% decline from its recent local top of $28.01.
This retracement has caught the attention of analysts and investors, who now view it as a strategic entry point for the asset. AVAX is currently testing a key support level that, if respected, could pave the way for further gains. Analysts suggest that this level is crucial for maintaining the uptrend and potentially leading to more upside for the Layer-1 blockchain.
If the support holds, it could signal a bullish continuation, with the price possibly retesting previous highs and moving beyond. However, the asset may see further declines or sideways movement if the support fails. The coming days will be critical in determining whether AVAX can capitalize on this opportunity and resume its upward momentum.
AVAX Testing Crucial Demand
Avalanche is testing crucial demand at $23, placing it in a key reaction zone that could trigger a significant price impulse in the coming weeks. Both traders and investors are closely watching this level, which represents a pivotal point for AVAX’s next move.
Top analyst and investor Posty recently shared his analysis on
— Read the rest of this post, which was originally published on Bitcoinist.
