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, 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 .