Avalanche
struggled to maintain short-term momentum, with trading patterns showing a descending channel formation despite attempts to stabilize around key support levels, according to CoinDesk Research technical analysis model.
Recent high-volume selling pressure suggests continued bearish sentiment in the short term, though strong buying emerged during recent dips.
Technical Analysis
• AVAX experienced significant price volatility over the past 24 hours, establishing a range of 0.84 (4.5%) between the high of $18.93 and low of $18.09.
• The asset found strong support at the $18.15-$18.25 zone, while facing resistance near $18.85-$18.90.
• The price action formed a descending channel, with recent high-volume selling pressure suggesting continued bearish sentiment despite attempts to stabilize around the $18.40 level.
• AVAX experienced a V-shaped recovery, slipping from $18.35 to a low of $18.09 with exceptionally high volume (52,056 units) before rebounding to $18.40.
• The recovery gained significant momentum when the price broke through resistance at $18.27 on volume exceeding 67,000 units, establishing a new support zone around $18.33-$18.35.
• The uptrend culminated in three consecutive zero-volume minutes suggesting potential consolidation before the next price movement.
