Markets, AI Market Insights, Technical Analysis, AVAX, News Avalanche’s downward spiral accelerates as key technical levels fail, signaling potential further losses ahead.
AVAX AVAX broke below key support levels on increased trading volume on Wednesday, tracking’s bitcoin’s BTC 1.1% decline over 24 hours.
Technical Analysis
• AVAX formed a descending channel with progressively lower highs and lower lows over the 24-hour period.
• Price broke below key support at $21.05 during heavy volume sessions.
• Notable resistance was established at $21.64, where selling pressure intensified significantly.
• The $20.85 level now represents immediate support that could accelerate bearish momentum toward $20.50 if broken.
• A temporary double bottom formed at $20.85 before a rally to test $21.03 resistance.
• The highest volume of the period (50,477 units) confirmed the downtrend continuation.
• Total price range for the period was 0.79 (3.67%), falling from $21.56 to $20.89.
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