AVAX drops from $12.75 to $12.48, losing $0.276 (2.16%) today.
As the day gets underway, chart analysis suggests Avalanche could begin to recover as it approaches significant support, now 35 cents away from $12.13. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Avalanche bounced $0.079 away from Fibonacci support at $12.4. Analysis based on the asset volatility indicates that AVAX's upper Bollinger Band® is at $12.59 which indicates a further downward move may follow.
Notwithstanding AVAX's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, FTX Token closed at $1.21 (down 2.58%). After ending today's session at $0.322, Cardano lost $0.007 and is trading around $0.315. Dogecoin closed at $0.077 (down 1.25%).
Avalanche has fallen back around 87.21% from the significant high of $99.74 set 9 months ago. Avalanche is currently trading with a market cap of 3.89 billion with an average daily volume of 10.60 million.