What to know:
- Avalanche (AVAX) finds itself in a rather theatrical descending channel, a veritable stage for short-term bearish sentiment.
- The token’s price has danced about with a dramatic flair, oscillating between $18.09 and $18.93—a 4.5% range that would make even the most seasoned actor blush.
- In a plot twist worthy of the finest drama, AVAX has staged a V-shaped recovery, triumphantly breaking through resistance at $18.27 with a flourish of high trading volume.
Ah, Avalanche! A name that evokes images of grandeur and yet, here it is, struggling to maintain its short-term momentum. The trading patterns reveal a descending channel, a rather gloomy backdrop for our protagonist, despite its valiant attempts to stabilize around key support levels, as per the ever-watchful CoinDesk Research technical analysis model.
In a tragic turn of events, the token has plummeted by 1.4% in the last 24 hours, landing at $18.43, while the CoinDesk 20—a collection of the top 20 cryptocurrencies, excluding the frivolous stablecoins, memecoins, and exchange coins—has only lost a mere 0.5%. How utterly scandalous!
Recent high-volume selling pressure suggests a continued bearish sentiment, though one must not overlook the strong buying that emerged during recent dips. A classic case of “buy the dip,” if ever there was one! 😂
Technical Analysis
• AVAX has experienced a veritable tempest of 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. Quite the rollercoaster ride!
• The asset has found strong support at the $18.15-$18.25 zone, while facing resistance near $18.85-$18.90. A classic tale of push and pull!
• The price action has formed a descending channel, with recent high-volume selling pressure suggesting continued bearish sentiment, despite attempts to stabilize around the $18.40 level. The drama unfolds!
• 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. A comeback worthy of applause!
• 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. Bravo!
• The uptrend culminated in three consecutive zero-volume minutes, suggesting potential consolidation before the next price movement. A moment of silence, perhaps?
Read More
- USD JPY PREDICTION
- Metaplanet’s Bold Bet: $50M in Zero-Interest Bonds for Bitcoin!
- USD CAD PREDICTION
- DOT PREDICTION. DOT cryptocurrency
- USD PHP PREDICTION
- Silver Rate Forecast
- EUR USD PREDICTION
- GBP JPY PREDICTION
- HYPE PREDICTION. HYPE cryptocurrency
- GBP CAD PREDICTION
2025-06-18 19:00