Avalanche
broke below critical $17.45 support level amid accelerated selling pressure, dropping 3.4% over 24 hours, according to CoinDesk Research’s technical analysis model.
Technical Analysis
• AVAX experienced a significant downtrend over the last 24 hours, falling from $17.82 to $17.21, representing a 3.4% decline with a total range of $0.85 (4.76%).
• Price action formed a short-term “double top” pattern near $18.02, with the subsequent rejection leading to accelerated selling on above-average volume.
• Volume spiked to 710,723 units, indicating a potentially strong bearish conviction as key support at $17.45 was breached.
• AVAX dropped from $17.33 to a low of $17.02 (-1.79%) before staging a recovery to close at $17.25.
• A V-shaped pattern formed with intense selling pressure when volume spiked to 33,423 units as price broke below the $17.20 support level.
• Buyers stepped in, pushing AVAX back above the $17.20 level with increasing volume, suggesting potential short-term stabilization.
