AVAX Rises 6% Following Dispute Between Musk and Trump
A sharp trading outlook shows Avalanche's AVAX token has surged back to $19.65, recovering a significant portion of its previous losses amid recent market instability.
What to know:
- The token of Avalanche, AVAX, has bounced back to $19.65, recovering about 58% of its previous losses after hitting a low of $18.48.
- Strong buying activity and significant trading volume have driven AVAX to a local peak of $19.76, suggesting a possible upward channel formation.
- Despite these gains, the CoinDesk 20 index has seen a decline of 0.8% over the last day.
The crypto market experienced turmoil on Thursday as U.S. President Donald Trump and Elon Musk, CEO of Tesla, clashed publicly over the national debt on social media. Musk went so far as to advocate for Trump’s impeachment, claiming Trump was involved with the Jeffrey Epstein situation.
AVAX dropped from $20.14 to $18.48 during this period but has since rebounded 6% to $19.65, recovering 57.8% of its losses and forming a potential ascending pattern identified by CoinDesk Research.
The recovery reflects strong buying pressures, evident through notable increases in trading volumes, suggesting trends toward bullish momentum. If these conditions persist, the token may reach the $20.00 psychological mark soon.
