Avalanche's AVAX token, currently priced at $20.88, is recovering after a noteworthy short-term drop. According to CoinDesk Research's technical analysis, AVAX experienced a 6.46% decline before rebounding, as buying interest surged around the $20.76-$20.85 support zone. This retracement has put AVAX in a more favorable position compared to the broader cryptocurrency market, highlighted by the CoinDesk 20 index, which registered a 3.2% decline in the same period.
Recent technical patterns indicate that a V-shaped reversal is forming, driven by strong buying activity at the psychological support level of $21. Volume has shown significant increases, with trades exceeding 23,000 units per minute. Notably, as AVAX broke above its resistance level of $21.65, its prospects for further gains appear bright, particularly within the $20.76-$21.00 demand area.
Recent technical patterns indicate that a V-shaped reversal is forming, driven by strong buying activity at the psychological support level of $21. Volume has shown significant increases, with trades exceeding 23,000 units per minute. Notably, as AVAX broke above its resistance level of $21.65, its prospects for further gains appear bright, particularly within the $20.76-$21.00 demand area.
