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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.
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
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• 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.
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