After enduring a brutal 95%+ drawdown from its 2021 peak, Avalanche is now showing early signs of a potential high-timeframe reversal. With price stabilizing at macro support and forming an emerging Elliott Wave structure on the weekly chart, the current phase could mark a critical turning point in the broader cycle.
Weekly Elliott Wave Structure Signals Macro Inflection
AVAX is currently forming an Elliott Wave structure on the weekly chart, trading within a massive descending channel that has remained intact since the 2021 all-time high. The broader structure suggests the asset is still operating within a long-term corrective phase, but key technical signals now point to a potential higher-timeframe inflection point.
According to Crypto Patel, after enduring a brutal 95%+ cycle correction, Avalanche appears to have completed Wave 1 with a macro low near $5.67. Price is now transitioning into the early stages of a Wave 2 recovery phase, a critical moment in the Elliott Wa
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