What to know:
- Our dear AVAX, after a spirited ascent to the lofty heights of $21.48, has rather unceremoniously plummeted to $20.25, a swing of 5.94% that would make even the most stoic of investors clutch their pearls.
- Alas, a most significant selling pressure has emerged at the $21.40-$21.50 resistance zone, with a volume that could rival the most bustling of markets, exceeding 870,000. How scandalous!
- Recent hourly data reveals that AVAX is forming a descending channel, akin to a tragic hero spiraling into despair, with spikes in selling volume that would make one weep.
Our beloved Avalanche’s AVAX token continues to exhibit a most remarkable volatility, weakening after its recent rally, much like a character in a novel who has lost their fortune.
After a promising rise of 3.72% from $20.71 to $21.48, AVAX has experienced a sharp reversal, falling to $20.25 and establishing a critical support zone between $20.25 and $20.30, as per the esteemed CoinDesk Research’s technical analysis model. One might say, “Oh, the drama!”
Technical indicators now suggest that the $20.62-$20.63 level is emerging as a crucial floor for near-term price action, with accumulation interest appearing at these levels, much like a gathering of hopeful suitors.
Meanwhile, the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins, and exchange coins — has seen a modest rise of 1.1% in the last 24 hours. A small victory, indeed!
Technical Analysis
• AVAX has formed a clear resistance zone around $21.40-$21.50, beset by high-volume selling pressure, as if besieged by a horde of critics.
• Support has developed in the $20.25-$20.30 range, with a notable volume spike, reminiscent of a sudden influx of admirers.
• The price action has formed a descending channel, a most unfortunate turn of events.
• Temporary support has formed at $20.62, with subsequent accumulation leading to recovery, much like a character finding their way back to grace.
• The hourly low coincided with the 24-hour support zone, suggesting that $20.62-$20.63 may serve as a critical floor, a last bastion of hope in these turbulent times.
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2025-06-09 19:14