The cryptocurrency market is experiencing significant downward pressure as global economic uncertainties impact digital assets across the board. Avalanche (AVAX) has been particularly affected, with increased selling occurring at high volume, establishing strong resistance at the $22.35 level.
New Jersey’s Bergen County announced on Wednesday that it plans to digitize all property deeds on the Avalanche network under a five-year agreement with blockchain software firm Balcony.
Technical Analysis
• Significant bearish momentum with price dropping from $23.04 to $21.48, representing a 6.78% loss over 24 hours.
• Strong volume-based resistance established at the $22.35 level with exceptionally high volume (2.24M).
• Multiple recovery attempts were rejected at the $21.88 zone, forming a clear resistance ceiling.
• Support emerged around $21.32-$21.40 with increasing buy volume.
• Price briefly rallied to $21.53 on high volume.
• Multiple support tests around $21.45-$21.47 suggest consolidation forming.