What You Need to Know
- Avalanche’s AVAX token has stabilized after a notable dip, as highlighted by CoinDesk Research.
- Over a 24-hour period, the token declined by 5.6%, trailing the CoinDesk 20 index’s 3.2% downturn.
- A respected support zone between $20.76 and $20.85 helped pull it back with robust buying activity.
Insights on the Recovery
The AVAX token recently found crucial support following a noteworthy decline, as analyzed by CoinDesk’s research tools.
The token is down 5.6% over the last day, lagging behind the CoinDesk 20 index, which sees a 3.2% loss within the same timeframe.
Technical Analysis
- The AVAX-USD pair suffered a 6.46% dip before mounting a recovery.
- Strong buying enthusiasm reestablished a support zone around $20.76-20.85 that countered the downward trend.
- A downward channel formed with its resistance at $21.65, which was surpassed as the price rallied past $21.20.
- A V-shaped reversal formed with increased buying momentum around the $21 psychological support level.
- Significant accumulation was noted, with trading volumes reaching over 23,000 units per minute.
The prices within the $20.76-$21.00 range could serve as an essential area for near-term market activity.
Disclaimer: Parts of this article utilized AI tools for generation and were subject to human review to maintain accuracy.
