AVAX Increases 4% as $22 Support Level Remains Strong

Avalanche’s AVAX token has formed robust support around the $22 mark, successfully resisting several downward pressures, as indicated by technical models.

In the past 24 hours, AVAX has seen a 4% increase, outperforming the CoinDesk 20 index, which has experienced a rise of 2.5% during the same timeframe.

Technical Overview

• A significant high-volume support zone has been established near $22.00, which has held firm against repeated tests.

• The price exhibited a fluctuation within a 3.89% range, moving from a low of $21.62 to a peak of $22.64, demonstrating moderate volatility.

• The most notable price movement followed a 2.44% increase in trading volume, which was 2.8 times the average volume for the past 24 hours.

• The consistent formation of higher lows indicates a developing upward trend, with resistance established around $22.57.

• A recent drop of 1.7% occurred within the last hour, moving from $22.43 down to $22.05, before a modest recovery.

• Additionally, a significant 5.9% decline took place with unusually high volume, nearly three times the typical hourly average.

• A new support range has been established between $22.20 and $22.25, with prices stabilizing within this band.

• The volume pattern suggests a distribution phase during the decline, while presenting signs of accumulation during the recovery stage.

• The level at $22.40 has emerged as immediate resistance.