Key Points:

• AVAX has breached a significant support level at $21.05, declining 3.67% over the past 24 hours amidst intense selling efforts.

Overview:

AVAX, trading at $20.89, fell below critical support caused by augmented trading activity on Wednesday, paralleling Bitcoin’s 1.1% reduction over the past day.

Technical Analysis:

• Price Trends: AVAX displayed a descending channel with diminishing highs and lows over the last 24 hours.
• Support and Resistance: It broke past the essential support of $21.05 during high-volume trading sessions. Resistance is noted at $21.64, where selling pressure has increased substantially.
• Future Outlook: The immediate support stands at $20.85, which could enhance bearish momentum and push prices further down to $20.50 if it breaks. Prior to a rebound testing $21.03, a temporary double bottom was formed at $20.85.
• The peak volume during this timeframe was 50,477 units, confirming the continuation of the downtrend.
• The price dropped by 0.79 (3.67%), falling from $21.56 to $20.89.

Don’t miss out on the latest updates in the crypto market. Subscribe to the Crypto Daybook Americas Newsletter today!