Crypto markets were shaken on Thursday when US President Donald Trump and Tesla CEO Elon Musk engaged in a heated argument on social media over the US national debt cumulated in the world’s richest man who approved Trump’s impeachment and claimed that the twice elected politician was involved in Jeffrey Epstein files.
Avalanche’s token, Avax
was among those affected, fell to as low as $ 18.48 from $ 20.14. It has since Ladder 6% to $ 19.65 to recover nearly 58% of the losses, forming a promising rising channel pattern with resistance to $ 19.76, according to Coindesk Research’s technical analysis model.
The token has lost 1% over 24 hours, while Coindesk 20, an index for the 20 best cryptocurrencies with market capital except stableecoins, exchange coins and memcoins, has fallen 0.85%.
Recent trading sessions show the crucial purchase pressure, with remarkable volume tips that coincided with price increases that briefly pushed Avax to a local height of $ 19.76. Market analysis points to the consistent formation of higher low lower over the past 14 hours as evidence to strengthen bullish momentum, with the psychological level of $ 20.00 now within easy reach if the current track holds.
Technical analysis
• Avax experienced a sharp fall of 8.14% from $ 20.14 to $ 18.48, with a maximum sales pressure when volume increased to 3.65 million.
• Strong support established at $ 18.48, with the price subsequently climbing steadily to $ 19.65, which regains 57.8% of the losses.
• An increasing channel pattern is formed with resistance to $ 19.76.
• Remarkable high-volume support emerged at $ 18.48- $ 18.88.
• Consistent higher low lower over the past 14 hours indicates the strengthening of bullish momentum.
• In the last hour, Avax continued to recover with a 1.01% gain from $ 19.49 to $ 19.69.
• Volume tips occurred (45,299 and 64,948 units) that coincide with price waves to a local height of $ 19.76.
• Current price action shows the strengthening of bullish mood with support levels around $ 19.53- $ 19.55.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
