Avalanche’s AVAX Dips Below $19 After Sharp Rejection at $20 Resistance
Avalanche’s token AVAX has retreated 5.8% in the past 24 hours, slipping into a fragile range as it battles to stay above support between $18.90 and $19.00.
The token surged to an intraday high of $19.99 before encountering heavy selling pressure just shy of the psychological $20 mark. The rejection sparked a rapid decline to $18.61, as reported by CoinDesk Research’s technical models. Trading volume spiked to 1.9 million AVAX during this downturn, signaling significant profit-taking and position unwinds.
Meanwhile, the broader CoinDesk 20 Index shed 4.2% over the same period, reflecting wider weakness across crypto markets.
Technical Highlights
- AVAX faced a sharp rejection at $20.00 resistance.
- Peak trading volume of 1.9 million AVAX hit at midnight as price briefly touched $18.74.
- Support levels between $18.90–$19.00 have been tested several times.
- A four-hour consolidation range suggests AVAX may stabilize in the short term.
- Lower trading volumes hint at reduced market engagement.
- A double top has formed near $19.05, acting as a resistance ceiling.
- Selling pressure persists, though declining volumes point to trader fatigue.
Traders now watch to see whether AVAX can defend current support levels or whether the market will drive prices lower amid weakening sentiment.
