Avalanche’s Avax
The token continues to demonstrate considerable volatility as it is weakened by the recent rally.
After originally increasing 3.72% from $ 20.71 to $ 21.48, Avax experienced a sharp turn, dropped to $ 20.25 and established a critical support zone between $ 20.25 and $ 20.30, according to Coindesk Research’s technical analysis model.
Technical indicators suggest that the level of $ 20.62- $ 20.63 emerges as a crucial floor for a short-term price action, with accumulation interest displayed at these levels.
Meanwhile, Coindesk 20 – an index of the top 20 cryptocurrencies at market value, excluding stableecoins, memcoins and exchange coins – has risen 1.1% over the last 24 hours.
Technical analysis
• Avax formed a clear resistance zone around $ 21.40- $ 21.50 with the sale of high volume.
• Support has evolved in the range $ 20.25- $ 20.30 with a remarkable volume.
• Price action formed a falling channel.
• Temporary support formed at $ 20.62, with subsequent accumulation leading to improvement.
• Time Low coincided with 24-hour support zone, suggesting that $ 20.62- $ 20.63 can serve as a critical floor.
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.
