Avalanche (AVAX) Tumbles 13% Amid Risk-Off Sentiment Triggered by Middle East Conflict
Avalanche’s AVAX token took a steep dive Thursday, shedding over 13% in 24 hours as escalating geopolitical turmoil rattled crypto markets. The sell-off followed news of Israeli airstrikes on Iranian military infrastructure, which fueled widespread risk aversion across both traditional and digital assets.
AVAX fell from a session high of $21.26 to a low of $18.57 before modestly rebounding. Despite the sharp downturn, technical indicators suggest that bulls are defending a critical support zone between $18.57 and $18.70, where strong buying activity has emerged.
The CoinDesk 20 Index, tracking the 20 largest crypto assets (excluding stablecoins and memecoins), declined 6.2% during the same period, underscoring the market-wide impact of rising tensions.
Technical Highlights:
- Price Drop: AVAX declined by 12.65% intraday before recovering above $19.
- Support Zone: $18.57–$18.70 served as a base for buyers stepping in during the correction.
- Resistance Watch: Bulls face immediate resistance at $19.52 within a newly formed ascending channel.
- Volume Spike: Nearly 87,000 tokens changed hands as AVAX rebounded, signaling growing interest at lower levels.
- Intraday Recovery: In the final hour of trading, AVAX climbed 0.45%, reaching $19.13, with short-term support established around $19.06.
While near-term volatility is expected to persist, analysts note that the recovery from session lows and ongoing dip buying may signal early stabilization—contingent on geopolitical developments and broader market sentiment.
