Avalanche (AVAX) Token Surges 8% but Faces Short-Term Resistance: Technical Analysis and Market Update
The price of Avalanche's AVAX token has surged 8.2% in the last 24 hours, climbing from $16.29 to $18.50, according to CoinDesk Research's technical analysis model. The token has established strong support at $18.03, but is facing resistance in the $18.47-$18.50 zone.
The CoinDesk 20, an index of the top 20 cryptocurrencies by market capitalization excluding stablecoins, memecoins, and exchange coins, has also risen 6.3% in the same period of time.
Technical Analysis
The price action of AVAX has formed a clear uptrend with higher lows establishing support at $18.03. Significant volume spikes at the $17.40 and $18.07 levels have confirmed strong buyer interest. A notable resistance zone has emerged around $18.47-$18.50, where profit-taking occurred after the initial surge. However, the asset has maintained most of its gains and appears poised for further upside if it can break through this level with sustained volume.
In the last 60 minutes, AVAX has exhibited notable volatility with a clear downtrend, falling from $18.24 to $18.19, representing a 0.28% decline. The asset experienced significant price swings, reaching a high of $18.64 before encountering strong selling pressure that drove prices down to $18.14. A brief recovery attempt formed with three consecutive green candles, but this rally failed at resistance, confirming the bearish sentiment that has dominated the latter part of the session.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
Avalanche (AVAX) Token Price Surge Continues
The price of Avalanche's AVAX token has surged by 8.2% in the last 24 hours, climbing from $16.29 to $18.50, according to CoinDesk Research's technical analysis model. The token has established strong support at $18.03 but is currently facing resistance in the $18.47-$18.50 zone.
The surge in AVAX's price is not isolated as the CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization excluding stablecoins, memecoins, and exchange coins, has also risen by 6.3% in the same period of time.
Technical Analysis Update
The price action of AVAX has formed a clear uptrend with higher lows establishing support at $18.03. Significant volume spikes at the $17.40 and $18.07 levels have confirmed strong buyer interest in the token. However, a notable resistance zone has emerged around $18.47-$18.50 where profit-taking occurred after the initial surge in prices. If AVAX can break through this level with sustained volume, it appears poised for further upside movement in the coming days or weeks.
In the last 60 minutes, AVAX has shown notable volatility with a clear downtrend falling from $18.24 to $18
The surging 8% in Avalanche's (AVAX) token also hints at a long-term potential with investors aware that the short term road may be punctuated by resistance; this resilience underscores its solid footing within digital asset space.
The 8% surge in Avalanche's (AVAX) token is a promising sign despite短暂的阻力困扰，技术分析显示其长期潜力的背书稳固。
The recent surge in Avalanche's (AVAX) token price by 8% is a testament to the underlying technology and growing adoption, despite short-term resistance noted. This movement suggests potential for further gains as long term fundamentals remain favorable.
The steady rise of Avalanche's AVAX token despite short-term obstacles reflects its resilience and potential as a promising blockchain platform; however, cautious monitoring for ongoing technical challenges is advised.
This flurry of activity in the Avalanche (AVAX) token underscores its resilience amid short-term hurdles, signaling a potential for further growth if it can navigate these obstacles successfully.
