Crypto markets were shaken on Thursday when U.S. President Donald Trump and Tesla CEO Elon Musk engaged in a heated argument on social media over the U.S. national debt, which cumulated in the world's richest man endorsing Trump's impeachment and claiming the twice-elected politician was implicated in the Jeffrey Epstein files.
Avalanche’s token, AVAX
AVAX$19.78, was among those hit, dropping to as low as $18.48 from $20.14. It has since rise 6% to $19.65 to reclaim nearly 58% of the losses while forming a promising ascending channel pattern with resistance at $19.76, according to CoinDesk Research's technical analysis model.
The token has lost 1% over 24 hours, while the CoinDesk 20, an index of the top 20 cryptocurrencies by market cap except for stablecoins, exchange coins and memecoins, has dropped 0.85%.
Recent trading sessions show decisive buying pressure, with notable volume spikes coinciding with price surges that briefly pushed AVAX to a local high of $19.76. Market analysis points to the consistent formation of higher lows over the past 14 hours as evidence of strengthening bullish momentum, with the $20.00 psychological level now within reach if current trajectory holds.
Technical Analysis
• AVAX experienced a sharp 8.14% decline from $20.14 to $18.48, with peak selling pressure when volume surged to 3.65 million.
• Strong support established at $18.48, with price subsequently climbing steadily to $19.65, reclaiming 57.8% of losses.
• An ascending channel pattern has formed with resistance at $19.76.
• Notable high-volume support emerged at $18.48-$18.88.
• Consistent higher lows over the past 14 hours indicate strengthening bullish momentum.
• In the last hour, AVAX continued recovery with a 1.01% gain from $19.49 to $19.69.
• Volume spikes occurred (45,299 and 64,948 units), coinciding with price surges to a local high of $19.76.
• Current price action shows strengthening bullish sentiment with support levels around $19.53-$19.55.
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.
