AVAX Drops 4% as Critical Short-Term Support Breaks

AVAX AVAX broke below key support levels on increased trading volume on Wednesday, tracking's bitcoin's BTC 1.1% decline over 24 hours.

Technical Analysis

• AVAX formed a descending channel with progressively lower highs and lower lows over the 24-hour period.

• Price broke below key support at $21.05 during heavy volume sessions.

• Notable resistance was established at $21.64, where selling pressure intensified significantly.

• The $20.85 level now represents immediate support that could accelerate bearish momentum toward $20.50 if broken.

• A temporary double bottom formed at $20.85 before a rally to test $21.03 resistance.

• The highest volume of the period (50,477 units) confirmed the downtrend continuation.

• Total price range for the period was 0.79 (3.67%), falling from $21.56 to $20.89.