The value decreased to $AVAX by 7% before stabilizing at a strong resistance level of $22.35.
The cryptocurrency market is experiencing significant downward pressure
as global economic uncertainty affects digital assets in general. The Avalanche currency ($AVAX ) has been particularly impacted, with increased large-scale selling resulting in strong resistance at the $22.35 level.
Bergen County in New Jersey announced on Wednesday its plan to digitize all property deeds on the Avalanche network under a five-year agreement with blockchain software company Palantir.
• Significant downward momentum with a price drop from $23.04 to $21.48, representing a loss of 6.78% over 24 hours.
• A strong volume-based resistance was established at the $22.35 level with exceptionally high trading volume (2.24 million).
• Multiple recovery attempts were rejected at the $21.88 area, forming a clear resistance ceiling.
• Support emerged around $21.32-$21.40 with increased buying volume.
• The price briefly rose to $21.53 with high trading volume.
• Multiple support tests around $21.45-$21.47 indicate the formation of consolidation.
