AVAX Falls 1.4% as Bearish Sentiment Persists in Short Term
Avalanche (AVAX) is currently facing challenges in maintaining short-term momentum, reflected by a descending channel formation in trading patterns. Key points include:
- AVAX price decreased by 1.4% in the last 24 hours to $18.43.
- The CoinDesk 20 index fell only 0.5% during the same period.
- High-volume selling indicates bearish sentiment, although buying interest appeared during dips.
- Price volatility ranged from a high of $18.93 to a low of $18.09 (4.5%).
- Strong support identified at $18.15-$18.25 and resistance at $18.85-$18.90.
- A V-shaped recovery was noted after a drop to $18.09, rebounding to $18.40 with significant volume.
- New support was established around $18.33-$18.35 following a break above $18.27 on high volume.
- Recent price action showed three consecutive zero-volume minutes, indicating potential consolidation.