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Avalanche’s AVAX Slumps 5.8% After Rejection at $20, Struggles to Hold Support
Avalanche’s token AVAX is under pressure, sliding 5.8% over the past 24 hours as it battles to maintain footing in the $18.90–$19.00 support zone. Recent price action highlights the network’s difficulty reclaiming higher levels amid fading market interest and lighter trading volumes.
Earlier, AVAX surged to a session high of $19.99 but was sharply rejected just below the psychological $20 barrier. That rejection triggered accelerated selling, sending the price tumbling to a low of $18.61, according to technical models from CoinDesk Research. The move was accompanied by peak trading activity, with volumes reaching 1.9 million AVAX, suggesting significant profit-taking and liquidation of leveraged positions.
By comparison, the broader CoinDesk 20 Index—which tracks the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins, and exchange tokens—declined 4.2% over the same period.
Technical Analysis Highlights
- AVAX faced clear rejection at the $20.00 psychological resistance level.
- Peak trading volume of 1.9 million AVAX occurred at midnight as the token briefly touched $18.74.
- Support has formed in the $18.90–$19.00 zone, confirmed by multiple retests.
- A four-hour consolidation pattern suggests the possibility of stabilization after the recent decline.
- Diminishing volumes indicate waning trader interest at current price levels.
- A double top pattern has developed around the $19.05 mark, signaling potential resistance.
- Increasing selling pressure combined with lower volumes hints at trader exhaustion.
For now, AVAX’s price remains vulnerable, with market participants watching whether the token can defend the $18.90–$19.00 support area or if further downside risks emerge.
