After the major cryptocurrency market crash in 2018, many coins saw a rebound. AVAX was one of those with an extreme change that has led to speculation about whether or not it will recover.
The “why is avalanche soaring” is a question that has been asked for quite some time. The answer can be found in the “Avalanche (AVAX) Price Gets Rejected After Nearing its Old ATH.”
The last week of the year has begun, and although the previous week saw the beginnings of a huge rebound, the start of this week has seen another correction, just days before New Year’s. The majority of the crypto market is now in the red, with losses ranging from close to 0% to over 7% among the top ten currencies alone.
Avalanche (AVAX) is one among them, with recent advances almost allowing it to reach its All-Time High. However, it unhappily encountered a degree of resistance that it was unable to conquer.
History of the Avalanche price
Avalanche is a new project with a currency that will be released in the second part of 2020. Beginning in late September at a price of $4.1, the coin did not experience much movement for the remainder of the year. Its price did rise to $4.7 shortly after introduction, and it spent the remainder of the year attempting to climb higher, only to correct and resume the process.
The coin’s price dropped to $3 by the end of the year, but things began to turn around as soon as 2021 began. The coin went from $3 to $55 between January 1st and January 17th. It was unsurprising that the currency saw a big price drop after such a rapid rise in less than three weeks.
The correction, however, only went halfway down before being halted by a support level at $25. This was the currency’s strongest support in the first half of the year, and it stopped the coin from falling from late February and mid-May while its price was correcting. This only occurred three times, the first being the drop from $55.
After that, the price tried to rise again, almost reaching $40 before reverting to $25. It subsequently increased for the third time, from mid-March to mid-April, with the same outcomes. Its price decreased just as it was about to exceed $40. The fourth and last spike occurred in May, when the price dropped to just under $40 and held there for weeks, despite attempts by the market to bring it down.
However, Avalanche was unable to withstand the mid-May price fall, and its price fell to $10 for the first time since early January.
Price recovery and a new ATH for AVAX
The mid-May slump insured that AVAX’s price would continue to fall for the rest of the summer, first quickly and then gradually. It began to rebound in late August, when it jumped from $20 to around $60. After a brief period of struggle and resistance from a support around $40, the price surged once again, approaching $80. This occurred in mid-September, and was followed by another slump to $55 levels.
Avalanche, on the other hand, began rising in mid-October and hasn’t stopped since. Multiple levels were in its way, but it broke past them one by one until it reached an all-time high of $135 on November 22nd. The currency then saw a significant downturn that brought it all the way down to $80 in mid-December 2021.
AVAX began climbing again after that, almost reaching its ATH, but it ultimately came to a halt on December 21st, at a price of $123.
Its price began to correct again at this point, and it fell to its current level of $113, where it remains at the time of writing.
Visit our Investing in Avalanche guide to learn more about this coin.
Watch This Video-
The “avalanche crypto price prediction” is a cryptocurrency that was rejected from the market. The coin’s price got close to its old ATH, but it was rejected by the markets.
- what is avax
- why is avalanche crypto rising
- is avalanche crypto a good investment
- avalanche crypto news
- avalanche crypto explained