The cryptocurrency market is experiencing significant volatility due to Israel’s strikes on Iran. Avalanche AVAX has been particularly affected, undergoing a substantial 13% correction with high trading volume.
Despite the sharp decline, buyers have established strong support in the $18.57-$18.70 range, with recent price action showing signs of stabilization and potential consolidation, according to CoinDesk research’s technical analysis model.
The CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — has lost 6.2% in the last 24 hours.
Technical Analysis
• AVAX underwent a significant correction, dropping from $21.26 to a low of $18.57, representing a 12.65% decline over the 24-hour period.
• Strong support was established around $18.57-$18.70.
• Recent price action formed an ascending channel with resistance at $19.52, while the 24-hour trading range of $2.69 highlights substantial volatility.
• In the last hour, AVAX demonstrated recovery, climbing from $19.04 to $19.13 (0.45% gain).
• Volume analysis reveals particularly strong buying interest, with exceptional volume (86,895 units) propelling price to session highs near $19.26.
• The final 15 minutes established support at $19.06, with buyers pushing AVAX back above $19.13.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.