AVAX Retreats 4% With Short-Term Support Breach Fueling Bearish Pressure

Avalanche Slips Below Support as Altcoin Weakness Persists

Avalanche (AVAX) slid further on Wednesday, dropping to $18.38, as weakness across the broader altcoin market continued to weigh on prices. The token has now lost key technical support, raising concerns of deeper losses ahead.

AVAX breached the $21.05 support level, marking a significant shift in market structure after several failed attempts to reclaim higher ground. The price pattern has formed a clear downward channel, with lower highs and lows confirming a short-term bearish trend.

An attempted recovery from the $20.85 level was met with selling pressure, with the token unable to break above resistance at $21.64. A brief rally to $21.03 following a double-bottom formation faded quickly.

Volume data reinforced the bearish tone, with peak 24-hour volume (50,477 units) aligning with downward moves. AVAX traded in a tight range between $21.56 and $20.89, representing a 3.67% swing on the day.

Traders are now watching the $20.50 level as the next key support. A breakdown there could accelerate losses unless fresh buying interest emerges.