Avalanche’s AVAX Among Top Performers in Crypto Market Rally
Avalanche’s native token, AVAX, posted an 8.2% gain over the past 24 hours, outperforming many peers and establishing itself as one of the top movers in the broader crypto market. AVAX surged from $16.29 to an intraday high of $18.50, but now finds itself grappling with a crucial resistance zone between $18.47 and $18.50.
This performance also contributed to the CoinDesk 20 Index — which tracks the top 20 cryptocurrencies excluding stablecoins, memecoins, and exchange coins — climbing 6.3% during the same period.
Technical Analysis: Support Holding, Resistance Ahead
AVAX’s price action formed a well-defined uptrend, with a series of higher lows confirming growing bullish sentiment. The most notable support was established at $18.03, backed by significant volume spikes near the $17.40 and $18.07 price levels. These areas attracted strong buyer interest and helped maintain upward momentum.
However, the $18.47–$18.50 resistance zone has proven difficult to break, with multiple rejection candles forming as sellers took profits following the rapid price surge.
Intraday Volatility Signals Uncertainty
While the overall trend remains bullish, AVAX faced considerable volatility in the last 60 minutes:
- The price dipped from $18.24 to $18.19, a 0.28% decline, signaling short-term bearish pressure.
- Earlier, the asset had reached a high of $18.64 before a swift pullback to $18.14, suggesting that sellers are active near the upper boundary.
- Although a brief rebound followed, marked by three consecutive green candles, the rally stalled at resistance, reinforcing the bearish sentiment late in the session.
Outlook: Breakout or Consolidation?
For AVAX to continue its upward momentum, a decisive break above $18.50 with strong volume confirmation is essential. Failure to do so may lead to short-term consolidation or a retest of the $18.03 support.
Traders and investors should monitor volume and price action near the resistance zone. Sustained buying pressure above $18.50 could pave the way for a move toward the $19.20–$19.50 range, while a rejection could push AVAX back below $18.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.