cpeditor
AVAX Extends Slide as Sellers Breach Support, Eyes Now on $20.50 Zone
Avalanche (AVAX) continued its downward trajectory, falling to $18.38 amid broader crypto weakness and renewed selling across altcoins. The decline mirrors bitcoin’s modest retreat, adding fuel to risk-off sentiment.
Technical Highlights:
- Support Breakdown: AVAX lost critical support at $21.05, confirming a bearish continuation pattern.
- Bearish Structure: Price action remains locked in a descending channel, with repeated failures to reclaim overhead resistance at $21.64.
- Intraday Bounce Fizzles: A minor rebound from $20.85 failed to sustain momentum, stalling at $21.03.
- Volume Bias: Peak 24-hour volume (50,477 units) accompanied the move downward, underlining strong sell-side conviction.
- Next Watch Levels: Traders are now eyeing $20.50 as a make-or-break level — a breach could open the door to a test of mid-$19 support zones.
While short-term RSI and MACD hint at potential oversold conditions, bulls remain on the sidelines for now. Momentum favors continued weakness unless AVAX can reclaim the $21 handle with conviction.
