AVAX declines 7%, facing tough resistance around $22.35.

Avalanche Token Declines Amid Market Pressure as Bergen County Embraces Blockchain for Property Deeds

Avalanche’s AVAX token slid sharply as global economic uncertainties weighed on the crypto market, encountering strong resistance at the $22.35 mark during high-volume trading sessions.

Despite the sell-off, Avalanche achieved a notable milestone this week: Bergen County, New Jersey, announced a groundbreaking five-year partnership with blockchain software company Balcony to digitize all county property deeds using Avalanche’s blockchain technology. This development signals growing institutional confidence in the network’s real-world applications.

Price and Technical Insights:

AVAX fell 6.78% over the past 24 hours, dropping from $23.04 to $21.48, amid sustained selling pressure.
The $22.35 resistance level was reinforced by heavy trading volume totaling 2.24 million tokens.
Efforts to rally above $21.88 repeatedly failed, indicating strong selling interest.
Buyers provided support around $21.32-$21.40, with increased volume signaling demand at these levels.
A brief recovery pushed the price back up to $21.53 before additional selling resumed.
The token appears to be consolidating between $21.45 and $21.47 after multiple support tests.

While short-term price dynamics remain challenging, Bergen County’s adoption of Avalanche technology marks a key advancement in blockchain integration within government infrastructure.