AVAX Rebounds From Key Support After 6% Plunge

Avalanche AVAX found support after a substantial decline on the short-term, according to CoinDesk Research’s technical analysis model. The token is down 5.6% in the last 24 hours, underperforming the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — which lost 3.2% in the same period of time. Technical Analysis • AVAX-USD pair declined 6.46% before staging a recovery. • A high-volume support zone emerged around $20.76-$20.85, where strong buying interest reversed the downtrend. • Price action formed a descending channel with resistance at $21.65, which was broken when AVAX climbed above $21.20. • V-shaped reversal pattern formed with strong buying momentum emerging around the $21 psychological support level. • Heavy accumulation occurred, with trading volume exceeding 23,000 units per minute. • The $20.76-$21.00 zone may serve as a significant demand area for near-term price action. 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