After ending today at $12.83, today Avalanche went up to $13.21 before paring back gains and settling around $12.7.
Avalanche made an initial break below its 10 day Simple Moving Average at $12.69, a possible indication of a forthcoming negative trend. Despite this, AVAX could begin to recover as it approaches significant support, now 6 cents away from $12.64. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Avalanche to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Avalanche is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Ripple is down to $0.397, losing $0.012, after closing at $0.409 in the preceding trading session.
Other assets are showing positive performances as having closed the previous session at $300.6, Binance Coin is up 3.48% today to currently trade at around $311.05. Chainlink USD is up 4.19%.
AVAX reached a significant high of $123.33 around 11 months ago but has lost 89.59% since then. AVAX has a market cap of 3.82 billion with an average daily volume of 27.29 million.