Share $AVAX

loses 5.8% after being rejected at a critical short-term resistance level of $20

after reaching its peak at $19.99, the Avalanche coin

AVAX$18.62

faced a sharp rejection at the psychological barrier of $20, triggering rapid sell-offs that pushed prices down to $18.61, according to CoinDesk Research's technical analysis model. This rejection coincided with a peak trading volume of 1.9 million, indicating widespread profit-taking and liquidation of positions.

The coin dropped by 5.8% in the past 24 hours, while the CoinDesk 20 index - which includes the top 20 digital currencies by market capitalization, excluding stablecoins, meme coins, and trading coins - fell by 4.2%.

Technical Analysis

• Clear rejection at the psychological resistance level of $20.00.

• Trading volume peaked (1.9 million) at midnight when the price briefly touched $18.74.

• Support formed in the $18.90-19.00 range with multiple tests.

• A four-hour consolidation pattern indicates the potential for stabilization after the sharp decline.

• Decreasing trading volumes suggest a waning interest from traders at current levels.

• A double top pattern forms around the $19.05 level.

• Increasing selling pressure with declining trading volumes indicates trader exhaustion.