AVAX Up 4.2% as It Establishes Uptrend Channel
Avalanche’s token AVAX is demonstrating short-term strength, climbing from $20.91 to a peak of $22.47, which represents a 7.4% range, according to CoinDesk Research's technical analysis model. The token then experienced a 1.65% correction. AVAX is up 4.2% in the last 24 hours.
The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding exchange coins, memecoins and stablecoins — is up 3.7% in the same period of time.
Technical Analysis
• Two high-volume breakout periods drove significant price action: 5% surge with volume exceeding 1.4M, and 2.1% gain on 1.8M volume.
• Strong support formed at $21.53-$21.63 level, with the overall trend remaining bullish as price maintains above key support zones.
• AVAX experienced significant volatility in the last hour, initially climbing to $22.47 before a 1.65% correction.
• Temporary support formed at $21.80-$21.82, followed by a recovery establishing an uptrend channel with higher lows.
• Price action suggests a V-shaped recovery pattern with strong buying pressure emerging after the selloff.
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.