Avalanche’s AVAX
token continues to demonstrate significant volatility as it weakens following its recent rally.
Technical indicators suggest the $20.62-$20.63 level is emerging as a crucial floor for near-term price action, with accumulation interest appearing at these levels.
Technical Analysis
• AVAX formed a clear resistance zone around $21.40-$21.50 with high-volume selling pressure.
• Support has developed in the $20.25-$20.30 range, with a notable volume spike.
• Price action formed a descending channel.
• Temporary support formed at $20.62, with subsequent accumulation leading to recovery.
• Hourly low coincided with 24-hour support zone, suggesting $20.62-$20.63 may serve as a critical floor.
