AVAX Drops 4% as Critical Short-Term Support Breaks

AVAX AVAX broke below key support levels on increased trading volume on Wednesday, tracking’s bitcoin’s BTC 1.1% decline over 24 hours. Technical Analysis • AVAX formed a descending channel with progressively lower highs and lower lows over the 24-hour period. • Price broke below key support at $21.05 during heavy volume sessions. • Notable resistance was established at $21.64, where selling pressure intensified significantly. • The $20.85 level now represents immediate support that could accelerate bearish momentum toward $20.50 if broken. • A temporary double bottom formed at $20.85 before a rally to test $21.03 resistance. • The highest volume of the period (50,477 units) confirmed the downtrend continuation. • Total price range for the period was 0.79 (3.67%), falling from $21.56 to $20.89.

Source: CoinDesk