Although AVAX ended today strong and rose from $15.18 to $15.66, it dropped back today and is now priced at $14.45.
Despite being in the red so far in the current trading session, Avalanche peaked above its 3 day Simple Moving Average around $15.46 — typically an early indicator of a new bullish trend beginning to emerge. The Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. AVAX's lower Bollinger Band® is at $13.93, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Despite this, Avalanche could begin to recover as it approaches significant support, now 9 cents away from $14.55. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that Avalanche's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $21,726, Bitcoin lost $1,426 and is trading around $20,300. Dogecoin is down $0.006 from the beginning of the session and now trades around $0.066. After ending today's session at $82.86, Litecoin lost $6.05 and is trading around $76.82.
Approximately 11 months ago, Avalanche reached a significant high of $99.74 but has struggled to hold onto its gains and declined 84.79% since then. Avalanche has a market cap of 4.70 billion with an average daily volume of 229 million.