Share this article
AVAX Drops 4% as Critical Short-Term Support Breaks
Avalanche's downward spiral accelerates as key technical levels fail, signaling potential further losses ahead.
Jun 4, 2025, 3:45 p.m.
Make us preferred on Google
What to know:
- AVAX breaks critical support level at 21.05, falling 3.67% in 24 hours amid heavy selling pressure.
AVAX broke below key support levels on increased trading volume on Wednesday, tracking's bitcoin's 1.1% decline over 24 hours.
Technical Analysis
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
• 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.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin tumbles to 2026 low of $85,200 as gold reverses big gains, Microsoft leads Nasdaq lower
Soaring to $5,600 at one point earlier on Thursday, gold quickly pulled back to below the $5,200 level in U.S. morning trade.
What to know:
- Already sitting on overnight losses, bitcoin's decline accelerated in U.S. morning trade, with the price falling back to $85,200, a new low for 2026.
- The quick selloff came amid a reversal in gold’s breathtaking rally, which had sent the yellow metal soaring above $5,600 at one point Thursday before quickly falling back to $5,200.
- The Nasdaq was also sharply lower, falling 1.5%, as Microsoft declined more than 11% following its fourth-quarter earnings report.
