Share this article
AVAX Forms Critical Short-Term Support at $20.25 Level
Avalanche’s token fell sharply following recent gains, with key technical levels emerging.
Jun 9, 2025, 3:43 p.m.
Make us preferred on Google
What to know:
- AVAX fell after rallying to $21.48, dropping to $20.25 in a 5.94% range swing.
- Significant selling pressure emerged at the $21.40-$21.50 resistance zone with volume exceeding 870,000.
- Recent hourly data shows AVAX forming a descending channel with selling volume spikes.
Avalanche's AVAX token continues to demonstrate significant volatility as it weakens following its recent rally.
After initially rising 3.72% from $20.71 to $21.48, AVAX experienced a sharp reversal, falling to $20.25 and establishing a critical support zone between $20.25 and $20.30, according to CoinDesk Research's technical analysis model.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Technical indicators suggest the $20.62-$20.63 level is emerging as a crucial floor for near-term price action, with accumulation interest appearing at these levels.
Meanwhile, the CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — is up 1.1% in the last 24 hours.
Technical Analysis
• AVAX formed a clear resistance zone around $21.40-$21.50 with high-volume selling pressure.
• Support has developed in the $20.25-$20.30 range, with a notable volume spike.
• Price action formed a descending channel.
• Temporary support formed at $20.62, with subsequent accumulation leading to recovery.
• Hourly low coincided with 24-hour support zone, suggesting $20.62-$20.63 may serve as a critical floor.
Disclaimer: Parts of this article were generated with the assistance from 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.
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 climbs above $89,000 as U.S. dollar tumbles on President Trump's remarks
The president said he isn't concerned about the dollar's recent declines, sending the greenback plunging even lower.
What to know:
- Bitcoin rallied above $89,000 as remarks by President Trump sent the dollar to its lowest level in nearly four years.
- Gold rose to a new record above $5,200 per ounce following the president's comments.
- One analyst is seeing a bullish technical divergence which could send bitcoin back to $95,000 in short order.
Top Stories
