After reaching a high of $ 19.99, Avalanche’s token
was sharply rejected by the psychological barrier of $ 20 and triggered accelerated selling, which drove prices down to $ 18.61, according to Coindesk Research’s technical analysis model. The rejection coincided with a high trading volume of 1.9 million, suggesting that large -scale profits and placement of liquidations.
The token is down by 5.8% over the past 24 hours, while Coindesk 20 – the index for the top 20 cryptocurrencies at market value, excluding stablecoins, memcoins and exchange coins – has lost 4.2%.
Technical analysis
• Clear rejection of $ 20.00 Psychological resistance level.
• Peak Trading Volume (1.9 m) took place at midnight when the price card affected $ 18.74.
• Support has been formed in $ 18.90- $ 19.00 zone with multiple tests.
• The four -hour consolidation pattern suggests potential stabilization after the sharp decline.
• To reduce quantities indicating diminishing traders at the current level.
• Double top pattern formed around the $ 19.05 level.
• Increasing sales pressure with declining quantities suggests the trader exhaustion.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance with Our standards. For more information, see Coindesk’s full AI policy.
