The cryptocurrency market is experiencing significant downward pressure as global economic uncertainties affect digital assets everywhere. Avalanche (AVAX) has been particularly affected with increased sales that occur at high volume, which establishes strong resistance of $ 22.35 level.
New Jersey’s Bergen County announced on Wednesday that it plans to digitize all property rights on the Avalanche network under a five-year deal with blockchain software company Balkony.
Technical analysis
• Significant Bearish Momentum with the price falls from $ 23.04 to $ 21.48, representing a loss of 6.78% over 24 hours.
• Strong volume-based resistance established at $ 22.35 level with unusually high volume (2.24 m).
• Several recovery attempts were rejected at the $ 21.88 zone, which formed a clear resistance ceiling.
• Support arose around $ 21.32- $ 21.40 with increasing purchase volume.
• The price was short -lived at $ 21.53 on high volume.
• More support tests around $ 21.45- $ 21.47 suggest consolidation formation.
