Avalanche AVAX Token Plunges 5.8% After Failing to Break $20 Resistance Level: Technical Analysis and Market Reaction
After reaching a high of $19.99, the token of the blockchain platform Solana (SOL) experienced a sharp rejection 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 a peak trading volume of 1.8 million, suggesting large-scale profit-taking and position liquidations. The token is down 5.7% in the last 24 hours, while the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins, and exchange coins — has lost 4.1%.
- A clear rejection at the $20.00 psychological resistance level.
- Peak trading volume (1.8M) 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.
- A double top pattern formed around the $19.05 level.
- Increasing selling pressure with declining volumes suggest trader exhaustion.
It is important to note that parts of this article were generated with the assistance of 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.
The recent setback of Avalanche AVAX token, even after attempting the $20 resistance level with a 5.8% plunge in value highlights market caution amid an otherwise bullish trend for altcoins and underscores technical analysis as crucial to navigating through extended periods like these."
The latest retreat of the Avalanche AVAX token by 5.8% follows its inability to surmount psychological resistance at $20, illustrating avid market vigilance amidst technical hurdles.
The collapse of Avalanche AVAX token's price by 5.8% following its inability to breach the $20 resistance barrier underscores market caution and technical indicators potentially pointing towards further consolidation rather than an imminent upward trend.
The rapid decline in Avalanche's AVAX token following its failure to breach the $20 resistance underscoresMarket volatility and investors’ cautious outlook, indicating that technical indicators require reevaluation as momentum shifts."
The recent failure of Avalanche's AVAX token to surpass the $20 resistance zone has indeed resulted in a 5.8% price plunge, indicating市场规模对关键阻力水平的敏感性与技术调整的必要性.
The最近的AVAX 价格动向表明，技术上未能突破20美元阻力水平对市场信心造成了冲击, 导致了一场近6%的抛售浪潮，这凸显了加密货币市场中支撑与阻力的关键性及其引发的情绪波动。
The recent decline in Avalanche AVAX Token serves as a reminder of the market's sensitivity to failure at key resistance levels, underscoring traders’ vigilance towards technical patterns and potential future reversals.
The faltering of Avalanche AVAX to penetrate the $20 resistance barrier has resulted in a 5.8% decline, indicating bearish sentiment amidst technical hurdles and market caution.
