Avalanche Struggles After $20 Rejection, AVAX Slides Nearly 6% as Volumes Wane
Avalanche’s AVAX token faced a rough session on Tuesday, dropping 5.8% to trade around the $18.90–$19.00 mark, where it’s fighting to hold support after a sharp price reversal.
Earlier, AVAX had climbed to $19.99, flirting with the psychological $20 level before heavy selling overwhelmed the rally. The reversal drove the price down to $18.61, according to CoinDesk Research, accompanied by a surge in trading volume to 1.9 million AVAX—a signal that profit-taking and liquidation of leveraged positions were in full swing.
In broader markets, the CoinDesk 20 Index slipped 4.2%, echoing the volatility seen across major crypto assets.
Technical Picture
- AVAX faced stiff resistance at the $20.00 level.
- Highest trading volumes occurred around midnight, with price briefly hitting $18.74.
- Multiple tests of the $18.90–$19.00 support band have established it as a key short-term floor.
- A four-hour consolidation pattern hints at potential stabilization, though caution remains.
- Trading volumes have diminished, reflecting waning enthusiasm.
- A double top pattern near $19.05 may limit further upside attempts.
- Selling pressure remains significant, but declining volumes suggest traders are losing steam.
Whether AVAX can cling to support or slide lower remains the big question for traders as sentiment across the crypto sector stays cautious.
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