AVAX Underperforms Broader Crypto Market as Short-Term ‘Double Top’ Pattern Emerges

Avalanche

AVAX$17.19 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.

The move underperformed CoinDesk 20 — an index of the top 20 cryptocurrencies by market capitalization, excluding stablecoins, memecoins and exchange coins — which has fallen 1.6% in the same period of time.

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.

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