The Avalanche ecosystem is entering a critical period as three board members have resigned. Omer Demirel, Aytunç Yildizli, and Vikram Nagrani stepped down from the boards of the Avalanche Foundation and its subsidiaries. Their decision, described as “well-considered,” suggests a shift in the leadership structure.
Despite their departure, they have reaffirmed their commitment to Avalanche’s development. Meanwhile, the AVAX token has been struggling, seeing significant price declines over the past week and testing crucial support levels.
Dear Avalanche Community,
It deeply saddens us to announce that we—@AytuncYildizli, @Vikram_Nagrani, and I—have formally resigned from the boards of the Avalanche Foundation and its underlying companies earlier this week. Aytunç ceased to exercise executive function on February…
— :omer (@demirelo) March 7, 2025
AVAX Price Drops Nearly 10% in a Week
As of press time, Avalanche (AVAX) is priced at $19.81, reflecting a notable drop in recent days. The cryptocurrency has recorded a 3.73% decline in the past 24 hours and a -9.78% decrease over the past week.
With a circulating supply of 410 million AVAX, the market capitalization now stands at $8.19 billion. The token’s downward trend has raised concerns among investors, as it has consistently formed lower highs and lower lows.
Market Indicators and Potential Reversal Signals
AVAX/USD daily price chart, Source: TradingView
Technical indicators suggest that AVAX is in bearish territory, but there are signs of possible stabilization. The Relative Strength Index (RSI) currently sits at 36.99, suggesting that the asset is nearing oversold conditions but still has room for further declines.
The Moving Average Convergence Divergence (MACD) remains negative, underlining prevailing bearish momentum. However, the histogram implies that selling pressure is weakening, which could signal an upcoming shift.
Analyst Sees Potential AVAX Reversal if Key Support Holds
Despite the recent bearish trend, MarzellCrypto, an analyst, suggests that AVAX may be approaching a critical reversal point. The alignment with Fibonacci retracement levels hints that a bullish breakout could occur if support holds.
#AVAX 🚀$AVAX is testing a key support zone, aligning with the Fib retracement levels, indicating a potential BULLISH reversal on the weekly chart 👀.
If this support holds, we could see a VERY strong recovery with price targets at $43.84, $58.06, and $80.03 in the MEDIUM term… pic.twitter.com/5Q2545zk7r
— Marzell (@MarzellCrypto) March 5, 2025
Rebound from the current range could propel AVAX toward mid-term targets of $43.84, $58.06, and $80.03. However, failure to sustain the current support level may trigger extended declines.
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