Avalanche’s AVAX Token Gains 3.1% Despite Geopolitical Uncertainty

Avalanche’s token, AVAX, has shown remarkable resilience in the face of geopolitical uncertainty, gaining 3.1% in the last 24 hours. This surge comes despite the ongoing conflict between Iran and Israel, which has typically caused market volatility. The token's price movement is characterized by a V-shaped recovery pattern, rebounding from $18.75 to reach $19.85, establishing a 5.88% range. This recovery is supported by strong volume, with above-average trading activity observed in the $18.75-$18.85 zone, where the volume ranged from 391K to 426K, compared to the 24-hour simple moving average of 385K.

The recovery momentum for AVAX has been accelerated by consistent high-volume buying. Key resistance levels at $19.35 and $19.65 were successfully broken, culminating in a new local high of $19.85. In the last hour, AVAX formed a clear ascending channel with volume consistently exceeding 10,000 units per minute. A significant breakout occurred through the $19.60 resistance level, with the final push to $19.81 confirmed by exceptionally high volume of 20,401 units. The current support established at $19.75 appears to be holding, suggesting potential for continued upward movement.

This resilience in AVAX's price is noteworthy given the broader market conditions. The CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins, and exchange coins, rose by 3.6% during the same period. This indicates that while the overall market is performing well, AVAX is outperforming its peers, demonstrating its strength and investor confidence.

AVAX's ability to defy the Middle East uncertainty and maintain a strong upward trajectory is a testament to its underlying fundamentals and the support it receives from the market. The token's V-shaped recovery pattern, coupled with strong volume support, suggests that it has the potential to continue its upward movement in the short term. Investors and traders are closely watching AVAX's performance, as it continues to break through multiple resistance levels and establish new highs.