AVAX Token Shows Volatility with Support Established at $20.25
Avalanche's AVAX token is experiencing volatility after a recent rally. Key points include:
- Initial rise of 3.72% from $20.71 to $21.48 followed by a drop to $20.25.
- Critical support established between $20.25 and $20.30, with the $20.62-$20.63 level emerging as significant for near-term price action.
- Accumulation interest noted at $20.62-$20.63.
- The CoinDesk 20 index increased by 1.1% in the last 24 hours.
Technical Analysis:
- Resistance identified around $21.40-$21.50 due to high-volume selling.
- Support developed in the $20.25-$20.30 range, marked by significant volume spikes.
- Price behavior formed a descending channel.
- Temporary support at $20.62, leading to a recovery after accumulation.
- Hourly low aligns with the 24-hour support zone, indicating $20.62-$20.63 may serve as a critical floor.