The cryptocurrency market is experiencing sharp fluctuations due to Israeli attacks on Iran. The Avalanche currency ($AVAX ) has been particularly affected, priced at $19.27, experiencing a significant correction of 13% with high trading volume.
Despite the sharp decline, buyers have formed strong support in the $18.57-$18.70 range, with recent price action showing signs of stability and potential price consolidation, according to CoinDesk's technical analysis model.
The CoinDesk 20 Index - which tracks the largest 20 cryptocurrencies by market capitalization, excluding stablecoins, meme coins, and exchange tokens - has lost 6.2% over the past 24 hours.
Technical Analysis
• The Avalanche currency experienced a significant correction, dropping from $21.26 to $18.57, a decrease of 12.65% over the past 24 hours.
Strong support has been established around $18.57-$18.70.
• The recent price movement has formed an ascending channel with resistance at $19.52, while the 24-hour trading range of $2.69 highlights significant volatility.
• In the last hour, the share $AVAX
a recovery, rising from $19.04 to $19.13 (a gain of 0.45%).
• Volume analysis reveals strong buying interest, with exceptional trading volume (86,895 units) pushing the price to session highs near $19.26.
• The last 15 minutes established support at $19.06, as buyers pushed the share $AVAX above $19.13.
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