Avalanche’s AVAX Struggles Below Key Support as Market Trend Weakens
Avalanche’s token was pushed below key support levels.
Avalanche (AVAX) has seen a decline of 3.4% in the last 24 hours, breaking through the crucial $17.45 support level. The CoinDesk 20 index, which excludes stablecoins and memecoins, declined by 1.6% during the same period.
The price movement of AVAX formed a short-term double top pattern, supported by a significant volume spike that suggests strong bearish sentiment.
Recent Market Activity
- Current AVAX Price: $17.19
- AVAX fell 3.4%, outperforming the broader CoinDesk 20 index by a margin of 1.6%.
Technical Insights
- AVAX recently dropped from $17.82 to $17.21, marking a 3.4% decrease with a trading range of $0.85 (4.76%).
- A V-shaped price pattern emerged, leading to increased selling pressure as trading volume rose notably, reaching 710,723 units. This reflects a strong bearish trend as the price fell below the $17.45 support.
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