AVAX Drops 5.8% After Reaching $20 Resistance Level
After peaking at $19.99, Avalanche's token AVAX faced a sharp rejection at the $20 resistance level, leading to a decline to $18.61. This was accompanied by peak trading volume of 1.9 million, indicating significant profit-taking.
The token has decreased by 5.8% in the last 24 hours, while the CoinDesk 20 index fell by 4.2%.
Technical Analysis
- Rejection at $20.00 psychological resistance.
- Peak trading volume (1.9M) recorded when price briefly hit $18.74.
- Support established in the $18.90-$19.00 range with multiple tests.
- Four-hour consolidation pattern indicates potential stabilization.
- Diminishing volumes suggest decreasing trader interest.
- Double top pattern formed near $19.05.
- Increasing selling pressure with declining volumes indicates trader exhaustion.