Bergen County, NJ, Adopts Avalanche Blockchain to Digitize Property Deeds Amid Market Downturn
Avalanche (AVAX) has come under heavy selling pressure recently, reflecting broader cryptocurrency market weakness amid ongoing global economic uncertainties. The token has faced strong resistance at the $22.35 level, with heightened trading volumes signaling bearish momentum.
In a major development, Bergen County in New Jersey announced Wednesday a five-year partnership with blockchain software provider Balcony to digitize all property deeds on the Avalanche blockchain. This marks a significant step toward mainstream adoption of Avalanche’s technology in public sector applications.
Technical Overview:
- AVAX price fell 6.78% over 24 hours, dropping from $23.04 to $21.48 amid sustained selling pressure.
- Heavy resistance formed at $22.35, accompanied by an exceptionally high trading volume of 2.24 million tokens.
- Multiple attempts to recover were rejected near $21.88, establishing a clear resistance level.
- Support emerged in the $21.32 to $21.40 range, supported by rising buy volumes.
- A brief price rally pushed AVAX up to $21.53 on increased volume.
- Repeated tests of support around $21.45 to $21.47 suggest price consolidation may be underway.
While AVAX faces short-term challenges, Bergen County’s adoption highlights the blockchain’s growing utility beyond speculative trading, potentially strengthening its long-term outlook.
