Key Takeaways

• Avalanche’s cryptocurrency, AVAX, faced rejection near the $20 mark, resulting in a decrease to $18.61.
• The cryptocurrency’s value declined by 5.8% in the last 24 hours, contrasting with a 4.2% dip in the CoinDesk 20 index.
• Technical analysis reveals a double top pattern forming in the short-term.

After peaking at $19.99, the AVAX token was unable to surpass the psychological resistance at $20, prompting swift sales that brought down its price to $18.61. This price action was marked by a trading volume of 1.9 million, indicating significant profit-taking by traders.

In summary, the recent performance of AVAX reflects broader market volatility, underscoring the importance of monitoring specific resistance levels and trading volumes for trading decisions.

Further Considerations

• A pronounced rejection at the $20 psychological barrier.
• The highest trading volume (1.9M) was recorded at midnight when the price neared $18.74.
• Support appears to be forming in the $18.90-$19.00 range after several tests.
• Current patterns indicate potential stabilization following the recent decline, although decreasing volumes point to diminishing trader interest.
• A double top pattern has formed around the $19.05 level, with increasing selling pressure emerging from declining volumes.