Overview

Avalanche’s AVAX has significantly increased by 8.2% in the last 24 hours, climbing from $16.29 to $18.50. It has established robust support at $18.03, yet faces resistance in the $18.47-$18.50 range, according to CoinDesk Research’s technical analysis.

Market Insights

The CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market cap (excluding stablecoins and memecoins), showed a rise of 6.3% during the same time frame.

Technical Analysis

• The price trajectory indicates a clear uptrend with higher lows, indicating strong buyer interest confirmed by volume spikes at $17.40 and $18.07.
• A notable resistance zone lies around $18.47-$18.50, where profit-taking occurred post-initial surge, though the asset retains most gains and appears set for more upswing, contingent on breaking through with sustained volume.

In the final hour, AVAX exhibited notable fluctuations, dropping from $18.24 to $18.19, reflecting a 0.28% decrease. The asset showcased significant price variances, peaking at $18.64 before encountering considerable selling pressure. Despite a brief recovery with three consecutive positive candles, this rally hit resistance, confirming the prevailing bearish sentiment.

Disclaimer: Portions of this article were generated using AI tools and were reviewed to ensure adherence to standard practices. See our AI Policy for more details.