AVAX Falls 4% After Cracking Below Immediate Support Threshold

AVAX Breaks Down as Momentum Wanes, Traders Watch $20.50 Floor

Avalanche (AVAX) slipped to $18.38 on Wednesday, extending its multi-day decline after breaching a key support zone at $21.05. The move solidifies a bearish short-term structure, with lower highs and lows dominating the chart.

A weak bounce attempt off $20.85 stalled quickly at $21.03, failing to flip resistance and reinforcing downside momentum. Price action continues to unfold within a descending channel, as intraday volumes spiked during selloffs — a bearish signal.

AVAX’s 24-hour range tightened between $21.56 and $20.89, marking a 3.7% intraday swing, while overall market sentiment remains cautious amid broader risk-off conditions.

Next key level: $20.50 — a break below could expose the asset to deeper retracement territory unless bulls reclaim $21.60 with conviction.

With AVAX unable to find footing and technicals still leaning bearish, traders are watching for either a high-volume reversal or further breakdown in the sessions ahead.