AVAX Breaks Below $17.45 Support Level Amid Increased Selling Pressure
Avalanche (AVAX) has dropped below the critical support level of $17.45, declining 3.4% in 24 hours. This performance is weaker than the CoinDesk 20 index, which fell by 1.6% during the same period.
Technical Analysis
- AVAX decreased from $17.82 to $17.21, a total decline of 3.4% with a range of $0.85 (4.76%).
- A "double top" pattern formed around $18.02, leading to increased selling pressure.
- Trading volume surged to 710,723 units, indicating strong bearish sentiment post breach of key support at $17.45.
- Price fell from $17.33 to a low of $17.02 (-1.79%), then recovered slightly to close at $17.25.
- A V-shaped pattern emerged with heightened selling when volume hit 33,423 units as it broke below $17.20.
- Buyers returned, lifting AVAX back above $17.20 with increasing volume, suggesting potential stabilization.