The price of Avalanche (AVAX) experienced a sharp decline of 6.78% over 24 hours, dropping from $23.04 to $21.48. This downturn aligns with broader weakness across cryptocurrency markets, driven by global economic uncertainty, trade disputes, and geopolitical tensions.
The wider crypto market, including leading assets like Bitcoin, is feeling the impact, with Bitcoin recently falling below $106,000, adding pressure across altcoins.
Strong Resistance Forms at $22.35; Support Seen Near $21.40
Technical analysis indicates a strong resistance zone at $22.35, where AVAX encountered exceptionally high sell volume of 2.24 million. Multiple attempts to recover have been consistently rejected at the $21.88 level, reinforcing short-term bearish sentiment.
Support is forming around the $21.32–$21.40 range, with increasing buyer volume suggesting consolidation and a potential base for recovery.
AVAX briefly bounced back to $21.53, but persistent selling pressure has limited any sustained gains.
Bergen County Adopts Avalanche Blockchain for Public Records
In a noteworthy development, Bergen County in New Jersey announced plans to digitize all property deeds on the Avalanche blockchain. This move comes under a five-year agreement with a blockchain software provider and marks a significant real-world application of Avalanche’s technology.
The project will modernize public records infrastructure, demonstrating the practical use of blockchain in government systems.
Despite this positive news, market sentiment remains cautious, with macroeconomic factors continuing to overshadow technical innovations in the blockchain space.
Technical Outlook: Consolidation Likely, Watch for $21.88 Breakout
Analysts note that multiple support tests around $21.45–$21.47 suggest the formation of a short-term consolidation zone. If AVAX can maintain this support and break above $21.88, it could retest the $22.35 resistance level. Failure to hold current levels may trigger further downside.
AVAX Faces Pressure But Retains Long-Term Use Case Potential
While short-term price movement remains bearish, the integration of Avalanche in public-sector systems like Bergen County underlines the platform’s long-term utility. Real-world adoption, combined with continued technical development, could provide a strong foundation for future growth—despite current market volatility.