Avalanche (AVAX) Token Surges 8% but Faces Short-Term Resistance: Technical Analysis and Market Update
The price of Avalanche's AVAX token has surged 8.2% in the last 24 hours, climbing from $16.29 to $18.50, according to CoinDesk Research's technical analysis model. The token has established strong support at $18.03, but is facing resistance in the $18.47-$18.50 zone.
The CoinDesk 20, an index of the top 20 cryptocurrencies by market capitalization excluding stablecoins, memecoins, and exchange coins, has also risen 6.3% in the same period of time.
Technical Analysis
The price action of AVAX has formed a clear uptrend with higher lows establishing support at $18.03. Significant volume spikes at the $17.40 and $18.07 levels have confirmed strong buyer interest. A notable resistance zone has emerged around $18.47-$18.50, where profit-taking occurred after the initial surge. However, the asset has 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 has 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.
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Avalanche (AVAX) Token Price Surge Continues
The price of Avalanche's AVAX token has surged by 8.2% in the last 24 hours, climbing from $16.29 to $18.50, according to CoinDesk Research's technical analysis model. The token has established strong support at $18.03 but is currently facing resistance in the $18.47-$18.50 zone.
The surge in AVAX's price is not isolated as the CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization excluding stablecoins, memecoins, and exchange coins, has also risen by 6.3% in the same period of time.
Technical Analysis Update
The price action of AVAX has formed a clear uptrend with higher lows establishing support at $18.03. Significant volume spikes at the $17.40 and $18.07 levels have confirmed strong buyer interest in the token. However, a notable resistance zone has emerged around $18.47-$18.50 where profit-taking occurred after the initial surge in prices. If AVAX can break through this level with sustained volume, it appears poised for further upside movement in the coming days or weeks.
In the last 60 minutes, AVAX has shown notable volatility with a clear downtrend falling from $18.24 to $18
