After reaching a high of $19.99, Avalanche’s token AVAX was sharply rejected at the $20 psychological barrier, triggering accelerated selling that drove prices down to $18.61, according to CoinDesk research’s technical analysis model. The rejection coincided with peak trading volume of 1.9 million, suggesting large-scale profit-taking and position liquidations.
The token is down 5.8% in the last 24 hours, while the CoinDesk 20 — index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — has lost 4.2%.
Technical Analysis
• Clear rejection at the $20.00 psychological resistance level.
• Peak trading volume (1.9M) occurred at midnight when the price briefly touched $18.74.
• Support has formed in the $18.90-$19.00 zone with multiple tests.
• The four-hour consolidation pattern suggests potential stabilization after the sharp decline.
• Diminishing volumes indicate waning trader interest at current levels.
• Double top pattern formed around the $19.05 level.
• Increasing selling pressure with declining volumes suggest trader exhaustion.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.