AVAX Dips by More Than 9% as Broader Market Retraces

The cryptocurrency market is retracing, with the prices of most coins down by more than 5% over the past 24 hours.

AVAX Declines by More Than 9%

The broader cryptocurrency market is currently trading in the red zone. The prices of most coins are down by more than 5% over the past 24 hours. Bitcoin has lost nearly 8% of its value and is trading just above the $60k level at press time. Ether is also bearish at the moment and has dropped below the $4,500 region a few hours ago.

Avalanche remains one of the leading cryptocurrencies in terms of market cap, and its price is down by nearly 10% over the past 24 hours. At press time, AVAX is trading at $89 per coin, down by more than 10% from the all-time high of $101 it achieved yesterday.

The decline in value comes just a day after AVAX set a new all-time high at $101.33. The rally was caused by numerous catalysts, including Tether announcing that it would launch its USDT stablecoin on the Avalanche network.

USDT is the largest stablecoin in the world and is already available on some networks, including Ethereum and Tron. The stablecoin becoming available on Avalanche is a huge win for the DeFi space, leading to AVAX’s price rallying and reaching a new all-time high above $101.

AVAX Could Trade Triple Digits Again Soon

AVAX’s recent decline in price is due to the broader market retracing. If the current momentum is maintained over the next few hours, then AVAX could drop below the $85 mark. However, if the bulls regain control of the market, AVAX could regain its all-time high price above $100.

AVAX would need to steer clear of the $85 pivot level if it intends to rally higher and test the $94 resistance point. Surpassing that resistance point could allow it to reclaim its all-time high price again over the coming hours.