Avalanche (AVAX) Pulls Back After Rally, Finds Support Near $20.25
Avalanche’s AVAX token saw renewed volatility on Monday, giving up earlier gains as technical levels begin to shape the near-term outlook.
AVAX initially rose 3.72%, climbing from $20.71 to $21.48. However, the token reversed sharply and fell to a low of $20.25, where it established a key support zone between $20.25 and $20.30, according to CoinDesk Research’s technical model.
Buyers appeared to step in near the $20.62–$20.63 region, signaling possible accumulation and forming a tentative floor for short-term price stability.
Meanwhile, the CoinDesk 20 Index—which tracks the performance of the top 20 crypto assets excluding stablecoins, memecoins, and exchange tokens—rose 1.1% over the past 24 hours, reflecting broader market strength.
Technical Analysis
- Resistance: Strong resistance is evident around $21.40–$21.50, where heavy selling pressure emerged.
- Support: A critical support band has formed between $20.25 and $20.30, marked by a spike in trading volume.
- Pattern: AVAX price action is currently trading within a descending channel.
- Interim Floor: Temporary support at $20.62 has attracted accumulation, with the $20.62–$20.63 range now viewed as a crucial short-term floor.
- Outlook: Continued defense of the $20.25–$20.63 range could lay the groundwork for another upward attempt if broader market sentiment remains constructive.
