AVAX Gains 8%, but Faces Short-Term Resistance
Avalanche’s AVAX has surged 8.2% in 24 hours, climbing from $16.29 to $18.50, establishing strong support at $18.03, but facing resistance at the $18.47-$18.50 zone, according to CoinDesk Research’s technical analysis model.
The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — has risen 6.3% in the same period of time.
Technical Analysis
• The price action formed a clear uptrend with higher lows establishing support at $18.03, while significant volume spikes at the $17.40 and $18.07 levels confirmed strong buyer interest.
• A notable resistance zone emerged around $18.47-$18.50, where profit-taking occurred after the initial surge, though the asset maintained most of its gains and appears poised for further upside if it can break through this level with sustained volume.
• In the last 60 minutes, AVAX exhibited notable volatility with a clear downtrend, falling from $18.24 to $18.19, representing a 0.28% decline.
• The asset experienced significant price swings, reaching a high of $18.64 before encountering strong selling pressure that drove prices down to $18.14.
• A brief recovery attempt formed with three consecutive green candles, but this rally failed at resistance, confirming the bearish sentiment that has dominated the latter part of the session.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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