The analysis of the price movement of AVAX (Avalanche) indicates that it has been moving within a downward channel since late 2021, recording a continuous decline against Bitcoin. Currently, AVAX is trading near the lower bound of this channel, raising the possibility of a price recovery soon. Previously, the currency had seen a significant rise after touching the bottom in late 2023, but it faced resistance at the 0.618 Fibonacci level.
Technical analysis suggests that prices may experience a "short exit pump" before returning to the downward trend. Although market sentiment is currently negative, there is optimism that AVAX may attempt to re-test the 0.618 Fibonacci level in the coming months.
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