Avalanche (AVAX) has seen its price sharply decline 8.5% in the last 24 hours, falling from $21.84 to $20.11, driven by uncertainties in global economic conditions and increasing trade tensions. Despite a potential double bottom pattern forming at the $19.97 support level, the prevailing bearish sentiment is impacting the token's market performance significantly.
Over the last day, AVAX experienced pronounced selling pressure, especially when its price dropped from $21.49 to $21.01 on high trading volume of 2.56 million tokens. Although there was noticeable buying activity, particularly at around $20.00, the lack of a meaningful recovery suggests that the bearish momentum continues to dominate.
A volatile recovery attempt saw AVAX climb to $20.38 before a swift sell-off brought it back down to $19.97. By the end of the session, AVAX had settled at $20.13, marking a potential base formation between $19.97 and $20.35, but with resistance remaining at $20.35, concerns about further declines linger among traders and analysts alike.
Over the last day, AVAX experienced pronounced selling pressure, especially when its price dropped from $21.49 to $21.01 on high trading volume of 2.56 million tokens. Although there was noticeable buying activity, particularly at around $20.00, the lack of a meaningful recovery suggests that the bearish momentum continues to dominate.
A volatile recovery attempt saw AVAX climb to $20.38 before a swift sell-off brought it back down to $19.97. By the end of the session, AVAX had settled at $20.13, marking a potential base formation between $19.97 and $20.35, but with resistance remaining at $20.35, concerns about further declines linger among traders and analysts alike.
