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0.87%AVAX Drops 5%, Forming Bearish Pattern on Short Time Frame
The token underperformed the CoinDesk 20.
What to know:
- Avalanche's token AVAX traded within a 5.5% range, fluctuating between $21.16 and $19.98.
- Strong resistance at $20.68 and a bearish pattern pushed AVAX below the $20.10 support level.
Avalanche’s 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.
STORY CONTINUES BELOW
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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.
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.
CoinDesk Analytics operates under CoinDesk's AI content guidelines, which prioritize accuracy, transparency, and editorial oversight. Learn more about CoinDesk's approach to AI-generated content in our AI policy.
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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