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AVAX Finds Support After 13% Drop Triggered by Middle East Geopolitical Shock

Avalanche’s AVAX token is reeling from a steep selloff as heightened geopolitical tensions—sparked by Israeli airstrikes on Iranian military infrastructure—rattle global markets and drive crypto prices lower.

AVAX tumbled 13% over the past 24 hours, plunging from $21.26 to an intraday low of $18.57 before showing early signs of stabilization, according to CoinDesk’s technical analysis model. The broader CoinDesk 20 Index, which tracks the largest non-stablecoin, non-memecoin crypto assets, is down 6.2% over the same period.

Despite the sharp decline, bulls have re-entered the market at key short-term support levels in the $18.57–$18.70 range, with price action forming what appears to be an ascending consolidation channel.

Technical Breakdown:

• Price Movement: AVAX dropped 12.65% from $21.26 to $18.57, a level that now appears to be acting as critical support.
• Support and Resistance: Buyers stepped in at $18.57–$18.70. Short-term resistance has formed at $19.52, capping upside potential for now.
• Trading Range: The 24-hour range of $2.69 highlights the high volatility across crypto markets.
• Volume Surge: Buying volume surged, with over 86,000 AVAX traded as the token rebounded to intraday highs near $19.26.
• Recent Action: In the last hour, AVAX rose from $19.04 to $19.13, suggesting momentum is building among dip buyers.
• Micro-Support: The last 15 minutes of trading show $19.06 as a near-term floor, with continued buying pushing the price above $19.13.

With broader market sentiment still fragile and volatility likely to remain elevated, traders are closely watching whether AVAX can hold its current support and build momentum for a sustained recovery.