After dipping down to $12.11, Avalanche regains earlier losses and reaches $13.38.
A study of AVAX's chart reveals various key levels to watch: Avalanche broke through the $13.33 resistance and climbed 5 cents above it. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that AVAX's lower Bollinger Band® is at $12.25, indicating that the market is oversold and fertile for new buyers.
With market volatility ebbing, the current technical outlook indicates AVAX will remain range-bound for the immediate future.
Other markets are also showing gains as Solana gained 10.5% and is currently trading at $14.56. MaticNetwork USD is up 5.42%. Bitcoin is up 2.51% to $16,775.
AVAX reached a significant high of $134.53 around 11 months ago but has lost 90.31% since then. Avalanche has a market cap of 4 billion with an average daily volume of 41.84 million.