After reaching a high of $19.99, Avalanche’s token
was sharply rejected at the $20 psychological barrier, triggering accelerated selling that drove prices down to $18.61, according to CoinDesk research’s technical analysis model. The rejection coincided with peak trading volume of 1.9 million, suggesting large-scale profit-taking and position liquidations.
Technical Analysis
• Clear rejection at the $20.00 psychological resistance level.
• Peak trading volume (1.9M) occurred at midnight when the price briefly touched $18.74.
• Support has formed in the $18.90-$19.00 zone with multiple tests.
• The four-hour consolidation pattern suggests potential stabilization after the sharp decline.
• Diminishing volumes indicate waning trader interest at current levels.
• Double top pattern formed around the $19.05 level.
• Increasing selling pressure with declining volumes suggest trader exhaustion.
