AVAX Plunges 9% as Global Economic Tensions Rattle Crypto Markets
Global economic uncertainties and escalating trade tensions have sent ripples through cryptocurrency markets, with Avalanche (AVAX) experiencing a sharp 8.5% decline over the past 24 hours.
Despite forming a potential double bottom pattern at the $19.97 support level with increased buying volume, the overall bearish sentiment continues to dominate AVAX's price action.
Technical Analysis
• AVAX experienced a significant downtrend over 24 hours, falling from $21.84 to $20.11.
• Pronounced selling occurred when price dropped sharply from $21.49 to $21.01 on exceptionally high volume (2.56M).
• Support emerged at $20.00 with substantial buying volume (1.73M), though absence of meaningful recovery suggests bearish momentum remains dominant.
• AVAX demonstrated a volatile recovery attempt from $20.00 support, initially climbing to $20.38 before experiencing a sharp selloff to $19.97.
• Subsequent price action formed a double bottom pattern with increased buying volume, allowing recovery to $20.13 by session's end.
• Consolidation between $19.97-$20.35 suggests potential base formation, though overall bearish momentum remains intact with resistance at $20.35.