Is Avax test key support area, a reversal on the horizon?

After experiencing a decline in the last three months, the avalanche community now estimates a potentially rapid reversal to AWACs, which is inspired by the development of the ecosystem and increasing adoption.

Recently in an X post, Trader Margel told His 37.6K followers stated that Avax was testing a major support area between $ 15 and $ 20. He mentioned that if it holds the support and closes the weeks above $ 30, it can see a strong rebound, possibly colliding with $ 43.84. If it breaks the past, it can climb to $ 58.06 and possibly up to $ 80.03, said Marzel said.

Meanwhile, famous traders collection Shared A chart suggests that Avax was in an accumulation area, which makes a pattern similar to a one seen in November last year, before it jumped 125%. He indicated that a similar rally could be re -resurrected, saying, “Something like this.”

According to data from Crypto.news, until the afternoon of March 7 (Asian time), Avax was trading at around $ 20.64, with the market capitalization more than $ 8.5 billion and a 24 -hour trading volume of $ 538 million. The token was 85.8% below its all -time high of $ 144.96 recorded on 23 November 2021.

Despite the significant downtrend in the last three months, its price may help support Altcoin’s recovery, with a decline of nearly 61% from the level of $ 54.18 on 9 December last year.

Many positive catalysts in sports

First, the avalanche CEO Emin Guan Sirr indicated that he could attend the White House Crypto Summit today today, guessing that Avx could be included in the country’s crypto strategic reserve plans.

Along with attaining supporters-crypto spirit among policy makers at the summit, investors are also betting that Avax may benefit from potential government-supported initiatives-especially because it embodies Trump’s “Made in USA” legend, given that it has developed by New York-Labs.

Second, the avalanche is gearing up for the community Bring Bilenser v3 To avalanche. Once integrated, this latest version of decentralized automatic market manufacturer will introduce advanced liquidity tools and new trading strategies for avalanche devasi ecosystem. The proposed proposal to vote will end on March 11, 2025.

Third, the avalanche is increasing its appearance in the real -world asset tokenification location. According to Difilama, it is currently the 7th largest blockchain by Dex Volume, which increased by more than 18% in the previous week, which increased to $ 1.345 billion.

Recently, an Indian city Adopted Blockchain of Alancing showed its real -world utility to tokens more than 700K land records, which have been well received by the avalanche community.

Meanwhile, the sensitive data shows that the weighted social spirit of Awaax has become positive and has been climbing since the beginning of the week, an indication that community confidence is growing.

Dismissal value analysis

However, at the press time, many technical indicators shone the signs of recession.

On the 1-day/USDT chart, Avax is back under the trendline formed from January 18, which has failed to free from the recession.

MACD and signal continue to move closely together while staying below the line price level, an indication that Avax is still undergoing a period of consolidation.

In addition, the aeron up indicator at 78.5% and Erun at 0% confirms strong sales pressure, indicating a major downtrend.

Therefore, avalanches are likely to continue their downtrend until the current feeling changes. While writing, it was 6.5% below the previous day, exchanging hands on $ 20.5 per coin.