Avalanche's AVAX token, currently priced at $21.08, is facing significant volatility after a brief rally. The token initially rose by 3.72%, peaking at $21.48 but has since pulled back, establishing a support zone between $20.25 and $20.30. Insights from CoinDesk Research's technical analysis indicate that the $20.62-$20.63 area is shaping up as a critical floor for the token's short-term price activity. Positive accumulation interest is noted at these levels.
Key technical analysis points include:
- A resistance zone exists around $21.40-$21.50, marked by high-volume sell-offs.
- Support in the range of $20.25-$20.30 shows notable volume spikes.
- The price action has formed a descending channel.
- Temporary support is seen at $20.62, followed by accumulation that may lead to recovery.
- The lowest hourly price coincided with the 24-hour support region, cementing the potential for the $20.62-$20.63 area to act as a strong support level moving forward.
Key technical analysis points include:
- A resistance zone exists around $21.40-$21.50, marked by high-volume sell-offs.
- Support in the range of $20.25-$20.30 shows notable volume spikes.
- The price action has formed a descending channel.
- Temporary support is seen at $20.62, followed by accumulation that may lead to recovery.
- The lowest hourly price coincided with the 24-hour support region, cementing the potential for the $20.62-$20.63 area to act as a strong support level moving forward.
