After closing at $18.25 today, AVAX began today at $18.25 with significant bullish sentiment driving AVAX's price action higher. So far today, price action has drawn out a distinct $17.82 to $18.62 range.
Trend and momentum analysis indicates that Avalanche made an initial breakout above its 10 day Simple Moving Average at $18.46, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $20.25, thereby suggesting that AVAX is becoming overvalued. Visual analysis of AVAX's chart shows that although Avalanche is appreciating today after rising as high as $18.62, price action is now slowing and consolidating around 93 cents below the $19.32 resistance level.
Overall, the technical outlook suggests Avalanche is likely to remain muted for the immediate future, with no clear-cut direction.
Other markets are also showing gains as Algorand USD moves up 6.39% to trade around $0.43. MaticNetwork USD is up 5.82%. Litecoin moves up 3.74% to trade around $70.85.
Approximately 11 months ago, Avalanche reached a significant high of $134.53 but has struggled to hold onto its gains and declined 86.43% since then. Avalanche is currently trading with a market cap of 5.51 billion with an average daily volume of 32.26 million.