Avalanche
found support after a substantial decline on the short-term, according to CoinDesk Research’s technical analysis model.
Technical Analysis
• AVAX-USD pair declined 6.46% before staging a recovery.
• A high-volume support zone emerged around $20.76-$20.85, where strong buying interest reversed the downtrend.
• Price action formed a descending channel with resistance at $21.65, which was broken when AVAX climbed above $21.20.
• V-shaped reversal pattern formed with strong buying momentum emerging around the $21 psychological support level.
• Heavy accumulation occurred, with trading volume exceeding 23,000 units per minute.
• The $20.76-$21.00 zone may serve as a significant demand area for near-term price action.
