Global economic uncertainties and escalating merchant tensions have sent ripples through cryptocurrency markets where Avalanche (Avax) experiences a sharp decrease of 8.5% over the last 24 hours.
Despite forming a potential double -bottom pattern for the $ 19.97 support level with increased purchase volume, the overall Bearish mood continues to dominate Avax’s price action.
Technical analysis
• Avax experienced a significant downward attenuation over 24 hours and fell from $ 21.84 to $ 20.11.
• Pronounced sales happened as the price dropped sharply from $ 21.49 to $ 21.01 at unusually high volume (2.56 million).
• Support arose at $ 20.00 with significant purchase volume (1.73 m), although the absence of meaningful improvement suggests that bearish momentum remains dominant.
• Avax demonstrated a fleeting recovery attempt from $ 20.00 support initially climbing $ 20.38 before experiencing a sharp sale for $ 19.97.
• Subsequent price action formed a double bottom pattern with increased purchase volume, enabling recovery to $ 20.13 after the end of the session.
• Consolidation between $ 19.97- $ 20.35 suggests potential basic formation, though overall bearish momentum remains intact with resistance to $ 20.35.
