AVAX Sinks 9% as Macroeconomic Jitters Shake Confidence in Crypto

Avalanche (AVAX) is grappling with renewed selling pressure as global economic unease continues to rattle risk assets. The token dropped 8.5% over the past 24 hours, briefly finding support at $19.97 — a level now emerging as a potential turning point in its price trajectory.

Investors are navigating a complex backdrop of rising trade tensions and broader macroeconomic instability, which have triggered widespread caution across digital asset markets. Despite the downturn, technical patterns suggest AVAX may be carving out a base.

Price Action and Technical Signals

AVAX slid from $21.84 to $20.11 during the session, highlighting persistent downside momentum.
A sharp intraday selloff from $21.49 to $21.01 was accompanied by unusually high volume (2.56M), suggesting aggressive profit-taking or capitulation.
Temporary support appeared at the $20.00 mark, where a wave of buying (1.73M volume) provided short-lived relief.
The token rebounded to $20.38 before encountering resistance and falling back to $19.97 — a level now tested twice, hinting at a double bottom formation.
A modest recovery to $20.13 followed, fueled by renewed buyer interest, but the price remains capped below key resistance at $20.35.

Where AVAX Stands

The emergence of a double bottom pattern could signal an early attempt at stabilization, yet the broader market remains risk-off. Consolidation between $19.97 and $20.35 may continue in the near term unless sentiment improves meaningfully.

For now, AVAX traders are watching closely to see if this support zone holds — or if further macro-driven volatility will push the token into deeper correction territory.