The cryptocurrency market continues to face strong downward pressure as global economic uncertainty weighs heavily on digital assets. Avalanche (AVAX) is among the hardest hit, with intensified selling activity creating solid resistance at $22.35 amid high trading volume.
In a notable development, Bergen County in New Jersey has announced a partnership with blockchain software company Balcony to digitize all property deeds using the Avalanche network. The initiative spans five years and signals a promising real-world application of blockchain technology despite current market conditions.
Technical Analysis:
AVAX has seen a sharp decline, falling from $23.04 to $21.48 over the last 24 hours, marking a 6.78% loss.
A robust resistance level has formed at $22.35, supported by exceptionally high trading volume (2.24 million).
Repeated recovery efforts were halted near the $21.88 mark, reinforcing it as a key short-term resistance point.
Support is developing in the $21.32–$21.40 range, with signs of rising buy-side interest.
A short-lived rally to $21.53 occurred on a surge in volume, indicating active trading but limited upward momentum.
The price has tested the $21.45–$21.47 range multiple times, suggesting the potential formation of a consolidation zone.
While Avalanche faces technical resistance and broader market headwinds, institutional interest—such as Bergen County’s integration initiative—offers a counterbalance and long-term growth narrative. Still, in the short term, traders should watch for further consolidation and volume signals around the $21.40 zone.
