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AVAX Slides 7%, Hits Strong Resistance at $22.35 Level
A county in New Jersey recently announced that it would use the Avalanche blockchain to digitize all property deeds.
Updated May 30, 2025, 6:12 p.m. Published May 30, 2025, 4:14 p.m.
What to know:
- AVAX dropped 6.78% over 24 hours, falling from $23.04 to $21.48 amid a broader crypto market decline.
- Geopolitical tensions and uncertain trade policies continue to weigh on cryptocurrency markets, with bitcoin recently dropping below $106,000.
The cryptocurrency market is experiencing significant downward pressure as global economic uncertainties impact digital assets across the board. has been particularly affected, with increased selling occurring at high volume, establishing strong resistance at the $22.35 level.
New Jersey’s Bergen County announced on Wednesday that it plans to digitize all property deeds on the Avalanche network under a five-year agreement with blockchain software firm Balcony.
STORY CONTINUES BELOW
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Technical Analysis
• Significant bearish momentum with price dropping from $23.04 to $21.48, representing a 6.78% loss over 24 hours.
• Strong volume-based resistance established at the $22.35 level with exceptionally high volume (2.24M).
• Multiple recovery attempts were rejected at the $21.88 zone, forming a clear resistance ceiling.
• Support emerged around $21.32-$21.40 with increasing buy volume.
• Price briefly rallied to $21.53 on high volume.
• Multiple support tests around $21.45-$21.47 suggest consolidation forming.
AI 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.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
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