The pullback that started in Bitcoin (BTC) has had a profound impact on Avalanche (AVAX), in particular.
After $30,000 could not hold, BTC tested $29,500 and instantly pinned $28,900, pulling many altcoins to support levels. AVAX, which has touched a very important point in the wide time frame, seems to have received a reaction for now. However, alarm bells still ring for AVAX. With the loss of $12.70, short-term bottoming possibilities will strengthen. What about the latest situation in the AVAX chart?
Avalanche (AVAX) chart analysis
When we look at the daily time frame, AVAX, which came to $ 12.80 and tested a critical region, created panic in both its ecosystem and investors. If the major coin, which touches this level after days, does not see a buying reaction, it may decrease to 12.11 – 12.80 – 11.16 and 10 dollars, respectively. In this process, the news in the Avalanche ecosystem and especially the price structure of BTC will have a say.
The reaction of 13.92 – 14.58 dollars is of great importance for the formation of bullish expectations in AVAX. If $14.58 is exceeded and the price stays persistent, it can open the way for increases to 16.59 – 18.46 – 20.21 and 21.57 dollars, respectively.
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