Avalanche’s AVAX token declined sharply over the past 24 hours, falling roughly 8.5% as global economic tensions continue to weigh on cryptocurrencies. The token found support near $19.97, forming a potential double bottom, though selling pressure remains persistent.
Key Technical Highlights
- AVAX dropped from $21.84 to $20.11, signaling a clear bearish trend.
- Heavy selling volume (2.56M) drove a rapid price fall from $21.49 to $21.01.
- Buyers stepped in around $20.00, with increased volume (1.73M) slowing the decline.
- A short-lived bounce to $20.38 was followed by a sharp selloff back to $19.97.
- Price action has created a double bottom pattern at this support level, with a slight rebound to $20.13 by the end of trading.
- Current consolidation between $19.97 and $20.35 indicates a tentative base, but resistance at $20.35 keeps upside limited.
Until broader market conditions improve, AVAX faces an uphill battle to break free from bearish momentum and regain upward traction.
