Global economic uncertainties and growing commercial tensions have sent waves through cryptocurrency markets, with Avalanche (AVAX) experiencing a strong decrease of 8.5% in the last 24 hours.
Despite forming a potential double background pattern at the support level of $ 19.97 with a higher purchase volume, the general bearish feeling continues to dominate Avax’s price action.
Technical analysis
• AVAX experienced a significant bearish trend for 24 hours, falling from $ 21.84 to $ 20.11.
• The sale pronounced occurred when the price fell sharply from $ 21.49 to $ 21.01 in an exceptionally high volume (2.56m).
• Support arose at $ 20.00 with a substantial purchase volume (1.73M), although the absence of significant recovery suggests that the bassist impulse remains dominant.
• AVAX demonstrated an attempt for volatile recovery of a $ 20.00 support, initially rising to $ 20.38 before experiencing a strong sale of $ 19.97.
• The posterior price action formed a double bottom pattern with a greater purchase volume, which allows recovery at $ 20.13 at the end of the session.
• The consolidation between $ 19.97- $ 20.35 suggests a possible base training, although the general bassist impulse remains intact with the resistance at $ 20.35.
