AVAX Reclaims 57% of Losses Following Musk-Trump Social Media Dispute
Crypto markets experienced volatility following a social media dispute between U.S. President Donald Trump and Tesla CEO Elon Musk regarding the national debt. Musk endorsed Trump's impeachment, linking him to the Jeffrey Epstein files.
Key developments for Avalanche’s token, AVAX:
- Price dropped from $20.14 to $18.48, then rebounded 6% to $19.65.
- Current 24-hour loss stands at 1%, while the CoinDesk 20 index declined by 0.85%.
- Recent trading showed increased buying pressure with notable volume spikes.
- AVAX reached a local high of $19.76, supported by consistent higher lows indicating bullish momentum.
Technical Analysis:
- AVAX saw an 8.14% decline with peak selling pressure at 3.65 million volume.
- Strong support established at $18.48, followed by a steady climb to $19.65.
- Formed an ascending channel pattern with resistance at $19.76.
- High-volume support observed in the $18.48-$18.88 range.
- Recent price recovery included a 1.01% gain from $19.49 to $19.69.
- Volume spikes were noted during price surges to $19.76.
- Current support levels identified around $19.53-$19.55.