Avalanche price early signal points to a strong bullish breakout

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Avalanche price has dropped to a crucial support level and created an early bullish signal, pointing to a potential rebound.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Avalanche has crashed to the important support level at $20, down by over 65% from its highest level in December. The recent decline has largely been driven by the overall performance of the crypto and stock markets as risk sentiment worsens. Avalanche has also been steadily losing market share to newer layer-1 projects. Still, it has made some notable positive headlines.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

On Monday, Avalanche was selected by Sumitomo Mitsui Financial Group, Japan’s second-largest bank, to provide the blockchain infrastructure for its upcoming stablecoin. There are also hopes that the Securities and Exchange Commission will approve a spot AVAX ETF. The weekly chart shows that AVAX has dropped to $20, a notable support zone it held in September last year and triggered a 195% rebound. Avalanche has also formed a falling wedge pattern, a popular bullish reversal signal.