The Avalanche (AVAX) token has recently experienced notable price fluctuations, trading within a narrow range of 5.5% between $21.16 and $19.98. Currently, bearish sentiment prevails in the market, particularly as prices hover intermittently around the $20.10 support level.
As the 18th largest cryptocurrency by market capitalization, AVAX has seen a 5% decrease over the past 24 hours, underperforming the CoinDesk 20 index, which has recorded a loss of 1.7% in the same timeframe.
Technical Analysis
• Over the last 24 hours, AVAX has established a trading range of $1.15 (5.5%), oscillating between a high of $21.16 and a low of $19.98.
• A significant resistance level has formed at $20.68, where a sharp price decline coincided with the highest trading volume spike of 1.58 million units.
• A modest recovery was brief, momentarily pushing the price to $20.53 before the return of selling pressure curtailed further gains.
• Notably, in the last hour, AVAX saw its value fall from $20.512 to $20.073, marking a 2.14% decline.
• The formation of a clear bearish pattern has emerged, with the price also dropping from $20.39 to $20.22.
• Trading volume surged sharply to 60,003 units, reinforcing the trend of strong selling momentum.
• Furthermore, the price has breached the key psychological support level of $20.10, though a minor recovery attempt has been noted.
• The current technical setup illustrates established resistance at $20.47 and immediate support firmly positioned at $20.00.
Disclaimer: Parts of this article were generated with the assistance of 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.
