Recently launched token #Avalanche named $AVAX
From the consolidation phase, establishing strong support levels, according to the technical analysis model from CoinDesk Research. The token rose by 0.8% over the past 24 hours.
The CoinDesk 20 index - which is an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, exchange tokens, and meme coins - decreased by 0.4% during the same period.
Technical Analysis
• #AVAX showed flexible price movement during the 24-hour period, establishing a slight upward trend.
• After initial consolidation between $17.13 and $17.35, $AVAX broke out with high volume, forming strong support at $17.07 confirmed by above-average volume during the pullback.
• The asset established higher lows throughout the period, testing resistance at $17.63 several times, indicating the completion of the accumulation phase and the potential for continued bullish momentum.
• $AVAX exhibited significant volatility with a strong recovery pattern, rising from $17.37 to $17.45 (a gain of 0.50%).
• Following an initial bullish trend to $17.46, AVAX saw a correction to $17.36, forming a double bottom pattern before organizing a rise with increased volume.
• The last minutes showed a price bounce from $17.37 to $17.46, indicating renewed buying interest and the possibility of a continued broader upward trend. #NODEBinanceTGE #USCorePCEMay #BTC110KToday?