Avalanche’s AVAX token has seen notable price volatility recently, dropping 5% over the last 24 hours, trading between $21.16 and $19.98. This decline is significant as the bears continue to exert control, particularly with resistance forming around the $20.68 mark. Late trading sessions revealed a strong selling trend, as the price briefly attempted to recover to $20.53 before succumbing to ongoing selling pressure. Over the past hour alone, AVAX dipped further from $20.512 to $20.073, marking a 2.14% decrease. Following this, a clear bearish pattern has emerged with volume surging to 60,003 units, indicating strong selling momentum. The price has also dropped below the crucial $20.10 support level, which could suggest further declines ahead. Current resistance levels are identified at $20.47, while immediate support is around $20.00.
AVAX Drops 5%, Bears Control Amid Short-Term Volatility
Avalanche's AVAX token fell 5% in 24 hours, hitting a low of $19.98, as sellers dominate the market despite a brief recovery attempt.
Jamie Bennett
Crypto Analyst
5 min read
9,210
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 8/10
Trading Recommendation
AVAX
AVAX
SELL
Entry Price
$20
Confidence
80%
Stop Loss
$21
Take Profit
$19.5 - $18
The bearish sentiment from the news indicates a strong selling pressure and a high chance of further declines, making it prudent to sell if the price is at or near resistance.
