What to know:
- Apparently, Avalanche’s token, AVAX, decided to play a game of “Now you see me, now you don’t,” jumping back to $19.65 after a dramatic nosedive. It’s like watching a soap opera—full of tears, tantrums, and a 58% recovery. 🎭
- Thanks to some frantic buying and volume spikes—you know, when everyone suddenly remembers they own crypto—AVAX hit a humble high of $19.76, forming an “ascending channel,” or as I like to call it, the crypto equivalent of a ramp on the stairs.
- Meanwhile, the CoinDesk 20 index is sulking, down by 0.8% in the last day. Because who doesn’t enjoy a bit of blue on red? 📉
On Thursday, the crypto world trembled as U.S. President Donald Trump and Tesla’s Elon Musk exchanged fiery words on Twitter. It was hardly a love fest. Instead, it was a spectacle of insults, accusations, and implications involving Jeffrey Epstein—because what better way to distract from actual issues? 🥴
Among the casualties was AVAX, which took a nosedive from $20.14 to as low as $18.48—just enough to make investors question their life choices. But then, as if seeking applause, it rallied by 6%, bouncing back to $19.65, reclaiming about 58% of its losses. Who says drama doesn’t have a happy ending? The technical models suggest it’s forming an “ascending channel.” Fancy terms for “it looks like a ladder”—or at least a hopeful staircase to $20.00, if we’re lucky.
The crypto market’s mood is as unpredictable as a cat on a hot tin roof. The CoinDesk 20 index dipped slightly, but AVAX showed resilience with strong buying support. Volume spikes coincided with price surges, briefly pushing the token to a local maximum—proof that traders are either brave or just bored. The formation of higher lows over the last 14 hours indicates bullish enthusiasm—like people lining up for free bread in a breadline, but in this case, it’s digital and a lot more volatile.
Technical Analysis:
• AVAX took an 8.14% tumble from $20.14 to $18.48, probably a result of everyone rushing for the exits when volume hit 3.65 million—because who doesn’t love a good stampede?
• Support at $18.48 held like a stubborn mule, allowing the price to recover to $19.65, regaining almost 58% of lost ground. Talk about a comeback!
• An “ascending channel” has formed—think of it as a hopeful ladder, with resistance stubbornly at $19.76. Are we climbing? Hard to say.
• High-volume support appeared in the $18.48 to $18.88 range—proof that amidst chaos, some folks stand their ground.
• The steady rise of higher lows over 14 hours signals bullish momentum, or perhaps just traders’ desire to feel hopeful.
• More recently, AVAX nudged upward by 1.01%, from $19.49 to $19.69, as if whispering, “Don’t forget about me, I still matter.”
• Volume spikes of 45,299 and 64,948 units coincided with surges to $19.76—because what’s a rally without a little noise?
• Support levels around $19.53-$19.55 now seem a cozy spot for the lucky enough to be awake and watching.
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2025-06-06 19:05