Avalanche’s AVAX Drops 7% Amid Market Sell-Off, Bergen County Moves to Digitize Property Deeds on Avalanche
Avalanche’s native token AVAX declined nearly 7% in a volatile 24-hour session marked by heavy selling and resistance near $22.35. The broader cryptocurrency market’s slump amid global economic uncertainty continues to pressure digital assets, including Avalanche.
Meanwhile, Bergen County, New Jersey, made headlines by announcing a five-year partnership with blockchain firm Balcony to digitize all property deeds on the Avalanche blockchain. This move highlights Avalanche’s expanding role beyond finance into public sector innovation.
Technical Overview:
- AVAX slid from $23.04 to $21.48, a loss of 6.78% over 24 hours, amid strong selling momentum.
- The $22.35 level served as a formidable resistance, with volume surging to 2.24 million tokens during rejection attempts.
- Resistance around $21.88 capped several price recovery efforts throughout the day.
- Buying interest emerged in the $21.32-$21.40 zone, accompanied by rising volume.
- A brief price rebound reached $21.53 before sellers regained control.
- Multiple tests of support near $21.45-$21.47 suggest a consolidation phase may be forming.
Despite the short-term volatility, Bergen County’s adoption of Avalanche technology underscores growing confidence in the network’s practical applications.
