AVAX price needs to rally 27% to prevent spiraling lower
AVAX price slid back to mid-January levels after a disappointing end to February. This continued into March as well, and the altcoin is now nearing the critical support level, which will require the bulls to support the cryptocurrency. Avalanche will, at the least, need to rally up to this price point in order to secure a sustained recovery.
US Nonfarm Payrolls (NFP) data surprised investors with a relatively high spike to 517,000 jobs in January. The forecast for February is a more modest 205,000, and it remains to be seen whether there will be any surprises in the data.
Chainlink (LINK) price tanked again this week as altcoin traders did not love the fact that all eyes were on cryptocurrencies during a part of the Senate semi-annual hearing with US Fed Chairman Jerome Powell. A segment of his hearing was devoted to cryptocurrencies and concerned which areas Powell would like to have more monitoring. Without any doubt, Powell called out stablecoins and asked Congress for more harsh and strict monitoring to avoid systemic risks and domino effects that could spill into the real economy.
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