AVAX Takes a Dive: The $20 Barrier Strikes Again! 😂💸

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What to know:

  • So, Avalanche’s token, AVAX, thought it could waltz past the $20 mark, but nope! It got rejected faster than a bad date! 💔
  • In a dramatic twist, the token’s price plummeted to $18.61, down 5.8% in the last 24 hours. CoinDesk 20 index? It only lost 4.2%. Talk about a rough day at the office! 📉
  • Technical analysis shows a double top pattern. No, not a fashion statement, but a sign of trouble! 😱

After reaching a high of $19.99, Avalanche’s token was like, “I can do this!” But then BAM! Rejected at the $20 psychological barrier. It’s like trying to jump over a fence and getting stuck! 🏃‍♂️💨

This rejection triggered a selling frenzy, driving prices down to $18.61, according to CoinDesk’s technical analysis model. And guess what? The peak trading volume was 1.9 million! Looks like everyone wanted to cash out before the party ended! 🎉💰

The token is down 5.8% in the last 24 hours, while the CoinDesk 20 — the VIP list of top 20 cryptocurrencies (excluding stablecoins, memecoins, and those pesky exchange coins) — has lost 4.2%. Ouch! 😬

Technical Analysis

• Clear rejection at the $20.00 psychological resistance level. It’s like a bouncer saying, “Not tonight!” 🚫

• Peak trading volume (1.9M) occurred at midnight when the price briefly touched $18.74. Midnight madness, anyone? 🌙

• Support has formed in the $18.90-$19.00 zone with multiple tests. It’s like a safety net for tightrope walkers! 🎪

• The four-hour consolidation pattern suggests potential stabilization after the sharp decline. Fingers crossed! 🤞

• Diminishing volumes indicate waning trader interest at current levels. Yawn! 😴

• Double top pattern formed around the $19.05 level. No, not a new dance move! 💃

• Increasing selling pressure with declining volumes suggest trader exhaustion. Time for a nap, folks! 💤

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2025-06-17 18:54