Avalanche’s Avax
Token has established strong support around the $ 22 level and successfully defends against several downward tests, according to Coindesk Research’s technical analysis model.
Avax has increased by 4% over the past 24 hours and surpasses Coindesk 20 – an index over the top 20 cryptocurrencies at market value, exclusive stableecoins, memcoins and exchange coins – which have risen 2.5% at the same time.
Technical analysis
• Avax established an important high -volume support zone around $ 22.00, which successfully defended against several tests.
• Price action showed a 3.89% range from the low $ 21.62 to the high of $ 22.64, indicating moderate volatility.
• The most significant price movement occurred with a 2.44% increase in volume, 2.8x higher than 24-hour average.
• Formation of higher low lower throughout the period confirms a growing uphill with resistance to $ 22.57.
• A decrease of 1.7% in the last hour of $ 22.43 to $ 22.05 before staging a moderate recovery.
• Remarkable 5.9% slip on unusually high volume (almost 3x in the hourly average).
• New support zone established around $ 22.20- $ 22.25 with price consolidation in this interval.
• Volume patterns indicate distribution during decline and accumulation in the recovery phase.
• $ 22.40 level now serves as immediate resistance.
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.
