AVAX saw a 4% decrease on June 4, dropping to $21.12 as it breached crucial support levels amid higher trading volume. This drop parallels Bitcoin's 1.1% decline, tracking its price to $105,350.74.
In technical analysis, AVAX displayed a descending pattern, characterized by lower highs and lows throughout the day. The significant break below the $21.05 support line occurred during a period of high trading volume, signaling a bearish trend. Resistance is seen at $21.64, where selling pressure remains strong. If the price goes below the critical support of $20.85, it could lead to further declines towards $20.50.
A temporary double bottom pattern formed at $20.85 before a brief rally attempted to test the $21.03 resistance. The most significant trading volume recorded was 50,477 units, reinforcing the ongoing downtrend. Over the 24-hour trading range, the price fluctuated within 0.79 (3.67%), moving from $21.56 to $20.89.
In technical analysis, AVAX displayed a descending pattern, characterized by lower highs and lows throughout the day. The significant break below the $21.05 support line occurred during a period of high trading volume, signaling a bearish trend. Resistance is seen at $21.64, where selling pressure remains strong. If the price goes below the critical support of $20.85, it could lead to further declines towards $20.50.
A temporary double bottom pattern formed at $20.85 before a brief rally attempted to test the $21.03 resistance. The most significant trading volume recorded was 50,477 units, reinforcing the ongoing downtrend. Over the 24-hour trading range, the price fluctuated within 0.79 (3.67%), moving from $21.56 to $20.89.
