Avalanche is range-bound between $12.55 and $12.92 today after shedding $0.233 and closing at $12.92 today.
Technical analysis of AVAX's past price action reveals multiple support and resistance levels: Avalanche could begin to recover as it approaches significant support, now 2 cents away from $12.71. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that Avalanche made an initial break below its 10 day Simple Moving Average at $12.78, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $12.88 serving as intraday support.
Overall, while AVAX has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending today's session at $78.57, Litecoin lost $3.34 and is trading around $75.23.
Other assets are showing positive performances as EOS is up 3.17%. Having closed the previous session at $0.4, Ripple is up 2.32% today to currently trade at around $0.41.
Avalanche reached a significant high of $123.33 around 11 months ago but has lost 89.53% since then. AVAX has a market cap of 3.81 billion with an average daily volume of 30.74 million.