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Avalanche (AVAX) Price Gets Rejected After Nearing its Old ATH

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The final week of this year has started, and while the past week saw a start of a major rally, the beginning of this week brought another correction, only days before New Year’s. Most of the crypto market is trading in the red right now, with the losses varying from close to 0% to over 7% among the top 10 coins alone.

Among them is Avalanche (AVAX), which saw great gains that nearly allowed it to hit its All-Time High recently. However, it, unfortunately, ran into a resistance level that ended up being too strong for it to overcome.

Avalanche price history

Avalanche is a relatively young project that saw the launch of its coin in the second half of 2020. Starting out in late September with the price of $4.1, the coin did not see particularly great movement for the rest of the year. Its price did shoot up to $4.7 immediately after launch, and then it spent the rest of the year trying to surge up, only for it to correct, and then restart the process.

The coin’s price ended the year with a drop to a support at $3, but things started to change as soon as 2021 kicked off. Between January 1st and January 17th, the coin shot up from $3 to $55. With such a massive surge in less than three weeks, it was not surprising when the coin saw a massive price correction.

However, the correction only took its price halfway down, as it was stopped by a support level at $25. This was its largest support in the first half of the year, and between late February an mid-May, it kept the coin from going down whenever its price was correcting. This happened only three times, with the first one being the fall from $55.

After that, the price attempted to go back up, and it nearly reached $40 before correcting to $25 again. It then shot up for the third time, growing from mid-March to mid-April, with the same results. Just before reaching $40, its price dropped back down. The fourth and final surge took place throughout May, when the price came just under $40, and stayed there for weeks, despite the market attempting to push it down.

When the mid-May price crash hit, however, Avalanche could not stand against it, and its price crashed to $10 for the first time since early January.

AVAX price recovery and a new ATH

The mid-May crash ensured that AVAX price would keep dropping, first sharply, and then gradually, for most of the summer. It finally started recovering in late August, when it shot up from $20 to nearly $60. After struggling a bit and being kept from dropping by a support at $40, the price shot up again, this time nearly reaching $80. This was in mid-September, and it was followed by another correction to levels at around $55.

AVAX price recovery and a new ATH

Starting in mid-October, however, Avalanche started skyrocketing, and it did not stop. Multiple levels stood in its way, but one after one it managed to break through all of them until it hit an ATH at $135 on November 22nd. What followed was a major correction all the way down to $80, which is where the coin found itself in mid-December 2021.

From that point on, AVAX started surging again until it nearly reached its ATH, but eventually, it stopped on December 21st, with the price of $123.

This is when its price started correcting again, and it dropped to its current level at $113, which is where it sits at the time of writing.

To learn more about this token visit our Investing in Avalanche guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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