Over the past two weeks, the crypto market has witnessed a notable downturn following the lead of Bitcoin price which recently plunged below $65000. While the aggressive selling price sparked a correction phase in most major coins. The Avalanche coin price shows notable resilience above $50 psychological support. Will this demand pressure trigger a fresh recovery trend?
Also Read: Avalanche (AVAX) Price Rallies 12% As Binance Announcement Boosts Market Sentiment
Can Avalanche Price Defend $50 Support?
Avalanche Price| Tradingview
On March 12th, the Avalanche price gave a bullish breakout from the $50 neckline resistance of the cup and handle pattern. This breakout signaled the asset’s escape from a 22-month sideways trend and the start of sustainable growth.
However, with the broader market entering a correction trend, the AVAX price turned sideways witnessing high volatility since last week. Analyzing this consolidation in the 4-hour chart shows the formation of an expanding channel
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