AVAX is grinding lower from $17.93 to $17.49, shedding $0.438 (2.44%) today.
Bollinger Bands® shows an indication of recovery: the lower band is at $16.55, a low enough level to, generally, suggest that Avalanche is trading below its fair value. On the other hand, note that AVAX broke through the $17.58 support line and dropped 9 cents below it. Price action remains constrained around the key Fibonacci level of $17.86 currently serving as support. If price action breaks below, the next Fib hurdle is $17.08.
Technical analysis indicates that Avalanche (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, NEAR Protocol is trading around $2.26 (down $0.085).
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is now trading at $1.36. EOS increases 2.9% to trade around $1.16.
AVAX has fallen back around 82% from the significant high of $99.74 set 10 months ago. Avalanche has a market cap of 5.68 billion with an average daily volume of 242.59 million.