AVAX fell to a new low at $10.73 today, its lowest value in 1 year; today ended at $10.97.
Trend-focused traders 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. Momentum evaluation shows that the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $10.38, a low enough level to, generally, suggest that AVAX is trading below its fair value. Technical analysis shows that AVAX could begin to recover as it approaches significant support, now 19 cents away from $10.54. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Avalanche is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Dogecoin is down to $0.068, losing $0.003, after closing at $0.071 in the preceding trading session. Solana is down to $9.14, losing $0.411, after closing at $9.55 in the preceding trading session. After ending today's session at $98.37, Bitcoin Cash lost $2.04 and is trading around $96.33.
11 months ago AVAX reached a significant high of $114.16 but has consequently lost 90.39% since then. AVAX has a market cap of 3.34 billion with an average daily volume of 11.89 million.