Slightly weaker but mostly flat: AVAX is currently trading at $16.04 as it maintains an active range between $16.04 and $16.33.
Avalanche could begin to recover as it approaches significant support, now 27 cents away from $15.77. Dipping below could be an indication that further losses are ahead. Avalanche's lower Bollinger band is at $15.22, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, AVAX made an initial break below its 10 day Simple Moving Average at $16.12, a possible indication of a forthcoming negative trend.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems AVAX is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, Ripple descends 2.12% to trade around $0.471. Cardano is trading around $0.366 (down $0.007). FTX Token decreases 1.77% to trade around $23.72.
Approximately 10 months ago, AVAX reached a significant high of $134.53 but has struggled to hold onto its gains and declined 87.95% since then. AVAX is currently trading with a market cap of 4.75 billion with an average daily volume of 20.54 million.