AVAX Price Drops 10% on Major Sell-off Fears
Avalanche (AVAX), one of the leading large-cap cryptocurrencies, has plunged more than 10% in the past 24 hours, making it the biggest drop among major digital assets. The price of AVAX plummeted from its recent high of $27.90 to $24.86, reaching its lowest point this year. The drop is a significant drop of about 60% from its yearly high of $60.69.
As of this writing, Avalanche is trading at $25.20 with a market cap of $9.92 billion. Despite the price drop, AVAX’s daily trading volume has surged by more than 109% to $509 million. The increase in trading activity highlights the market’s strong reaction to the recent sell-off.
Can Avalanche (AVAX) price rebound?
If the downtrend continues, AVAX could fall further to the critical support level of $23. A break below this level could push the price down to $20, the highest since November 2023. Such a drop could trigger a further decline, and the price could fall to $18.43.
On the contrary, if Avalanche can maintain the current price of around $25, it could start a new uptrend to $28. Reaching this level could pave the way for further gains, with the possibility of climbing to $30. A sustained rebound could stabilize AVAX around $35, with the potential to push the range up to $40 or even $50 in the long term.
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