
Key Highlights:
- AVAX has seen a steep decline of 6.78% in the last 24 hours, dropping from $23.04 down to $21.48 as the overall crypto market struggles.
- Political unrest and unpredictable trade policies are impacting cryptocurrency values, causing Bitcoin to dip below $106,000.
The cryptocurrency market currently faces significant downward pressure as global economic instabilities affect digital assets widely. Specifically, Avalanche (AVAX) is experiencing increased selling activity leading to a strong resistance level at $22.35.
Recently, Bergen County in New Jersey announced that it will employ the Avalanche network to digitize all property deeds as part of a five-year agreement with Balcony, a blockchain software company.
Technical Analysis:
- Bearish momentum is evident, with AVAX’s price falling from $23.04 to $21.48, marking a 6.78% decrease over a 24-hour period.
- There is prominent resistance at $22.35, with trading volumes reaching exceptional levels (2.24M).
- Attempts to recover were halted near the $21.88 mark, indicating a resistance ceiling.
- Support levels are forming between $21.32 and $21.40 as buy volumes begin to rise, with temporary spikes noted around $21.53, possibly hinting at consolidation.