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 .

Source: CoinDesk