Can the Avatar still be reincarnated?

Question

Near to the finale of The Legend of Korra - Book 2: Spirits when Vaatu rips Raava from Korra's body and destroys her, Korra says to Tenzen that the Avatar Cycle has too been destroyed and she is the last Avatar.

At the end Korra confirms that Raava is back inside her however her connection to the previous Avatars is still gone.

I am wondering, does this mean that the Avatar can no longer be reincarnated? or is Korra like Wan where he had no previous past lives to turn to for advice (unlike Aang who could turn to Roku, Kyoshi and those other 2 Avatars he spoke to at the end) and thus can still be reincarnated.

Answer 1

Actual Avatar reincarnation means Raava accepts part of current Avatar soul, leaves its body, and finds new Avatar. Communication with previous Avatar incarnations was exactly communication with parts of their souls inside Raava. Since Raava got itself destroyed, and then resurrected, it is in "clear" state, without souls of previous incarnations.

But while Raava exists in this world, it can find new vessel to become next Avatar incarnation. The only consequence of its temporary destruction is that Korra is now much like Wan.

Answer 2

Korra lost connection with the past Avatars. It is still possible for Korra to get in the Avatar State (which is the unified state with Raava) but she can not talk with Aang or other past Avatars and use their knowledge.

tl;dr

Korra became the first Avatar.

Answer 3

I just learnt that Korra's connection to past lives was severed completely and it also gets worse.

According to her letters to the next Avatar in The Legend of Korra: An Avatar's Chronicle (book), Korra states that even the next Avatar may not be able to connect with her for guidance. It's like every Avatar that will come next will no longer have a connection to the past life before.