AVAX Loses 5%, Printing Bearish Formation on Short-Term Chart

Avalanche’s AVAX token recorded a 5% drop over the last 24 hours, underperforming the CoinDesk 20 Index, which declined by 1.7% during the same period. The move reflects growing bearish momentum as price action continues to weaken below key resistance levels.

The asset traded in a 5.5% range between $21.16 and $19.98, with short-term support at $20.10 failing to hold.

Technical Snapshot:

• High/Low: $21.16 / $19.98
• Key Resistance: $20.68 rejected on high volume (1.58M units)
• Failed Rebound: Temporary recovery to $20.53 lacked follow-through
• Accelerated Decline: Price fell 2.14% within an hour from $20.512 to $20.073
• Bearish Continuation: A clean breakdown from $20.39 to $20.22 confirmed short-term weakness
• Volume Spike: Over 60K units traded as sellers gained control
• Support Levels: $20.10 broken; $20.00 now serves as immediate downside marker
• Outlook: Continued rejection at $20.47 caps upside. Further losses may extend toward $19.60 if sentiment remains weak.

With volume confirming the trend, AVAX remains under technical pressure, and bulls will need to reclaim $20.50+ to shift momentum. Until then, the short-term bias remains bearish.