Avalanche (AVAX) Falls 7%, Finds Resistance at $22.35
Crypto/Markets
 Trade Crypto on eToro

Avalanche (AVAX) Falls 7%, Finds Resistance at $22.35

Bergen County in New Jersey reveals plans to tokenize all property deeds using Avalanche blockchain technology.

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.
Next article

Trump Media Secures $2.3 Billion in Bitcoin Buying Power After Successful Fundraising

Newsletter

Get the most talked about stories directly in your inbox

Every week we share the most relevant news in tech, culture, and entertainment. Join our community.

Your privacy is important to us. We promise not to send you spam!