Avalanche (AVAX) Tests Support – Could a Rebound Be Brewing?

The cryptocurrency market experienced a significant downturn this week, with both Bitcoin and Ethereum shedding over 9% in value. This correction triggered large-scale liquidations across the market, impacting long positions particularly hard. This turmoil has impacted major altcoins like Avalanche (AVAX), which is down more than 7%. However, closer inspection of the technical chart hints at a potential rebound for AVAX in the coming weeks.