Avalanche Price Drops Over 60% Amid Market Uncertainty

Avalanche (AVAX) has experienced a significant decline of over 60% since mid-December, erasing gains from its November 2024 rally. This downturn reflects broader bearish trends in the crypto market, causing investor skepticism regarding AVAX's potential recovery.

Key points include:

Technical analysis by Ali Martinez indicates a buy signal on the weekly chart, suggesting AVAX may be nearing a bottom.
The price is currently trading at $25.6, consolidating between $27 resistance and $23 support.
Bulls need to hold the $25 level and push above $28.7 for a trend reversal to occur.
If the price falls below $23, further declines could lead to the next critical support at $20.

The upcoming days will be crucial for determining whether AVAX can shift towards a bullish trend or continue its bearish trajectory.