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1.99%AVAX Drops 4% as Critical Short-Term Support Breaks
Avalanche's downward spiral accelerates as key technical levels fail, signaling potential further losses ahead.
What to know:
- AVAX breaks critical support level at 21.05, falling 3.67% in 24 hours amid heavy selling pressure.
AVAX
broke below key support levels on increased trading volume on Wednesday, tracking's bitcoin's 1.1% decline over 24 hours.Technical Analysis
STORY CONTINUES BELOW
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• 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.
CD Analytics
CoinDesk Analytics is CoinDesk's AI-powered tool that, with the help of human reporters, generates market data analysis, price movement reports, and financial content focused on cryptocurrency and blockchain markets.
All content produced by CoinDesk Analytics is undergoes human editing by CoinDesk's editorial team before publication. The tool synthesizes market data and information from CoinDesk Data and other sources to create timely market reports, with all external sources clearly attributed within each article.
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Tom Carreras
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor's degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk's disclosure threshold of $1,000.
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