AVAX Loses 5.8% After Rejection at Critical $20 Short-Term Resistance

After reaching a high of $19.99, Avalanche’s token AVAX was sharply rejected at the $20 psychological barrier, triggering accelerated selling that drove prices down to $18.61, according to CoinDesk research’s technical analysis model. The rejection coincided with peak trading volume of 1.9 million, suggesting large-scale profit-taking and position liquidations. The token is down 5.8% in the last 24 hours, while the CoinDesk 20 — index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — has lost 4.2%. Technical Analysis • Clear rejection at the $20.00 psychological resistance level. • Peak trading volume (1.9M) occurred at midnight when the price briefly touched $18.74. • Support has formed in the $18.90-$19.00 zone with multiple tests. • The four-hour consolidation pattern suggests potential stabilization after the sharp decline. • Diminishing volumes indicate waning trader interest at current levels. • Double top pattern formed around the $19.05 level. • Increasing selling pressure with declining volumes suggest trader exhaustion. 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