Should you buy Avax after last week's 30% drop?

Avalanche (AVAX/USD), a coin that has been among the best-performing coins in December, has fallen over 30% over the past week after witnessing a sharp sell-off as Bitcoin (BTC/USD) plummeted to $33,000 fell. Avax was one of the few coins to survive December's market decline, but gave up most of its gains from December's strong rally. Avax is a utility token that serves as the ecosystem's common medium of exchange. Aside from being used as a currency in the Avalanche world, AVAX staking secures the network and rewards stakers with more AVAX.

Avax is down over 50% from its peak, and it doesn't look like it will be able to recoup all of the losses of the past few weeks. However, Avax is oversold on panic selling after the sharp sell-off, so investors can expect brief relief in the form of a pullback. The pullback could either be the start of a fresh recovery or a retest before Avax sets a new low. Therefore, investors should follow the price in case another sell-off occurs. So should you buy Avax now?

Avax has been trading in a symmetrical triangle for the past few months, but saw a lower breakout due to the sell-off in the broader market.

It looks like Avax is retesting the trendline now so investors should wait for Avax to trade back above $84 before going long as Avax could be heading towards the support zone at $53 if it doesn't break in able to break back into the triangle.

The RSI has been in the oversold territory so a pullback should now be seen, however, investors need to be cautious and set a stop loss.

A target of $102 can be set, followed by $130.

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