Global economic uncertainty and rising trade tensions have sent ripples through cryptocurrency markets, with avalanche (AVAX) experiencing a sharp 8.5% decline in the past 24 hours.
Despite developing a potential double under the $ 19.97 support pattern with increasing purchase volume, Bearish’s overall sentiment continues to dominate Avax price action.
Technical analysis
• Avax experienced a significant downtrend within 24 hours, falling from $ 21.84 to $ 20.11.
• The pronounced sale occurred when the price dropped from $ 21.49 to $ 21.01 in extra high volume (2.56m).
• Support to $ 20.00 with a large amount of purchase (1.73m), although the lack of significant recovery suggests the bearish momentum remains dominant.
• Avax presented a renewed recovery attempt from $ 20.00 support, initially climbed to $ 20.38 before experiencing a sharp sale at $ 19.97.
• Subsequent price action is generated by a double pattern underneath with increasing purchase volume, allowing recovery to $ 20.13 at the end of the session.
• Combining between $ 19.97- $ 20.35 suggests potential base formation, although the general bearish momentum remains intact with a resistance to $ 20.35.
