“Recent Price Action Shows of the Avalanche Blockchain Token Struggling to MainTain Support in the $ 18.90-19.00 Zone Amid Diminishing Trading Volumes.”, – WRITE: www.coindesk.com
Was Sharply Rejected at the $ 20 Psychological Barrier, Triggering Accelerated Selling that Drove Prices Down to $ 18.61, Accounting To Coindesk Research’s Technical Analysis Model. The rejectation coincides with Peak Trading Volume of 1.9 Million, Suggesting Large-Scale Profit-Taking and Position Liquidations.
The Token is Down 5.8% in the Last 24 Hours, While the Coindesk 20 – Index of the Top 20 Cryptocurrencies by Market Capitalization, Excluding Stablecoins, Memoeins and Exchanges.
Technical Analysis
• Clear rejection at the $ 20.00 Psychological Resistance Level.
• Peak Trading Volume (1.9M) Occurred at Midnight Whohn the Price Briefly Toucked $ 18.74.
• Support Has Formed in the $ 18.90- $ 19.00 Zone with Multiple Tests.
• The Four-Hour Consolidation Pattern Suggests Potential Stabilization After the Sharp Decline.
• Diminishing Volumes Indicate Waning Trader Interest at Current Levels.
• Double Top Pattern Formed Armund the $ 19.05 Level.
• IncreASING SELLING PRESURE WITH DECLINING VOLUMES SUGGEEST TRADER EXHAUSTION.
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