AVAX Adds 4% as $22 Support Zone Holds
Avalanche’s AVAX token has established strong support around the $22 level, successfully defending against multiple downward tests.
AVAX is up 4% in the last 24 hours, outperforming an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins, which has risen 2.5% in the same period.
Technical Analysis
• AVAX established a key high-volume support zone around $22.00 that successfully defended against multiple tests.
• Price action showed a 3.89% range from the low of $21.62 to the high of $22.64, indicating moderate volatility.
• Most significant price movement occurred with a 2.44% increase in volume, 2.8x higher than the 24-hour average.
• Formation of higher lows throughout the period confirms an emerging uptrend with resistance at $22.57.
• A 1.7% decline in the last hour from $22.43 to $22.05 before staging a moderate recovery.
• Notable 5.9% slide on exceptionally high volume (nearly 3x the hourly average).
• New support zone established around $22.20-$22.25 with price consolidating in this range.
• Volume patterns indicate distribution during decline and accumulation during recovery phase.
• $22.40 level now serving as immediate resistance.
This article has been published in coindesk.com via Yahoo News.
