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Will AVAX Tap at $50 After Its $23 Downswing in the Past Week?

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AVAX USD 1 day Trading Chart 1024x460 1
18
May
  • AVAX might see a sudden upswing in the coming days if it breaks the $40 support level.
  • The coin crashed by 85% since its ATH in November 2021.
  • Currently, the coin trades at $33.3.

With the upheaval of the global crypto market in the past two weeks, almost all the cryptocurrencies, including stablecoins, went down the slide to reach the worst prices. However, most of the coins are now recovering from this stage and seem to hike soon. Avalanche (AVAX) is expected to surf with an upward trend, as it indicates a gradual surge since May 13.

AVAX tapped its all-time high at $146.8 in November 2021. Since then, the price of the coin see-sawed, with a nearly 84% crash. Notably, the majority of this price fall happened in the past weeks, along with other coins.

As predicted by crypto market analysts, the US Federal Open Market Committee’s  (FOMC) decision to increase the interest rate left Terra (LUNA) and UST price down. As the stablecoin price worsened, the already declining market again went down, putting BTC’s price from $30,000 to $25,000.

Following this, all the cryptocurrencies reached another melting point, where AVAX dropped from $69 to $23, on May 12, with a 67% dip. However, as mentioned, the coin started a slow hike on May 13, with a price of $37. Till now, the coin is in a waveform, with a chance to soar in the upcoming days.

AVAX/USD 1-day Trading Chart (Source: Trading View)

Significantly, AVAX has crossed above its support level of $29, indicating an uptrend. Also, if the coin price moves beyond its $40 support level, it is expected to reach $50, which is nearly a 50% upswing from its current value. Moreso, if AVAX fails to reach this support level, the buyers seem to be weak and non-collaborative. Probably, this would make the coin tap at $31, which happened in the past two days.

As of now, AVAX is registered at a price of $33.3, with a 1.19% dip in the past 24 hours.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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