Avalanche’s token
recently broke out of a consolidation phase, establishing strong support levels, according to CoinDesk Research’s technical analysis model. The token is up 0.8% in the last 24 hours.
The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, except for stablecoins, exchange coins and memecoins — lost 0.4% over the same period.
Technical Analysis
• AVAX demonstrated resilient price action during the 24-hour period, establishing a small uptrend.
• After initial consolidation between $17.13-$17.35, AVAX broke out with significant volume, forming strong support at $17.07 confirmed by above-average volume during reversal.
• The asset established higher lows throughout the period, with resistance at $17.63 tested multiple times, suggesting accumulation phase completion and potential for continued upward momentum.
• AVAX displayed significant volatility with a strong recovery pattern, rising from $17.37 to $17.45 (0.50% gain).
• After an initial uptrend to $17.46, AVAX experienced a correction to $17.36, forming a double bottom pattern before staging a rally with increasing volume.
• The final minutes showed price bouncing back from $17.37 to $17.46, suggesting renewed buying interest and potential continuation of the broader uptrend.
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.
Read the full article here
