March brought a mix of experiences for investors in AVAX, the cryptocurrency native to the Avalanche protocol. Initially surging by more than 64% to surpass $65 for the first time since May 2022, the altcoin later faced an 18.44% decline in the past two weeks.

The fluctuating movement of AVAX's price has captured the attention of both investors and industry analysts. Renowned crypto analyst Rekt Capital highlighted the importance of remaining calm, suggesting that the recent dip in the altcoin's value could present an opportunity for investors.

Currently trading between $52-$54, Rekt Capital foresees AVAX heading towards the $44-$49 range, its peak points from December 2023. Once hitting this zone, the analyst anticipates the token finding support and initiating an upward trend towards the $65-$70 bracket.

However, in a scenario dominated by strong bearish forces, the analyst's technical analysis indicates a potential further drop to around $32.66, signaling a price decrease of 39.62% and 49.9% from the current and peak March values of AVAX, respectively.

Avalanche (AVAX) Price Summary

At present, AVAX is priced around $53.50, displaying minimal fluctuations over the past day, while showing a slight 0.51% decline in the previous week according to CoinMarketCap data. Furthermore, the trading volume for the crypto asset has decreased by 16.62%, totaling $370.86 million.

Despite short-term variations, AVAX remains one of the top-performing assets of the last six months, securing a notable market gain of 471.35% during this period. Particularly in December 2023, the altcoin surged by approximately 150%, skyrocketing from $20.41 to achieve a monthly peak of $49.98.

Beyond the market realm, AVAX has achieved notable progress. In a recent development, the Avalanche network announced a partnership with blockchain platform Chainlink and the esteemed Australia and New Zealand Banking Group (ANZ) with the aim of exploring the utilization of crypto assets in global financial settlement systems. Participation of AVAX in such initiatives is poised to enhance the token's adoption, potentially stimulating positive effects on its market performance.