AVAX Drops 5%, Forming Bearish Pattern on Short Time Frame
Avalanche’s AVAX AVAX token experienced significant price fluctuation in the short term, trading within a 5.5% range between $21.16 and $19.98. Bears remain in control despite intermittent support around the $20.10 level.
The 18th-largest currency by market capitalization, down 5% over 24 hours, underperformed the CoinDesk 20 — an index of the top 20 cryptocurrencies by market cap, excluding memecoins, stablecoins and exchange coins — which has lost 1.7% in the same period.
Technical Analysis
• AVAX established a trading range of $1.15 (5.5%) between the high of $21.16 and low of $19.98 over the 24-hour period.
• Strong resistance formed at $20.68, with a sharp decline accompanied by the highest volume spike (1.58M).
• A modest recovery attempt emerged, pushing price to $20.53, but selling pressure quickly returned.
• In the last hour, AVAX dropped from $20.512 to $20.073, representing a 2.14% decline.
• A clear bearish pattern formed, pushing price down from $20.39 to $20.22.
• Volume spiked dramatically (60,003 units), confirming strong selling momentum.
• Price broke below the psychological $20.10 support level with a minor recovery attempt.
• Current technical setup shows established resistance at $20.47 and immediate support at $20.00.
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.