AVAX is grinding lower from $15.92 to $15.02, shedding $0.898 (5.64%) today.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that AVAX's lower Bollinger Band® is at $14.76, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Visual analysis of AVAX's chart shows that Avalanche could begin to recover as it approaches significant support, now 41 cents away from $14.61. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests AVAX has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Solana is down $6.31 from the beginning of the session and now trades around $17.69. FTX Token is down to $4.47, losing $0.965, after closing at $5.43 in the preceding trading session. NEAR Protocol is down $0.385 from the beginning of the session and now trades around $2.24.
Approximately 11 months ago, Avalanche reached a significant high of $134.53 but has struggled to hold onto its gains and declined 88.17% since then. Avalanche is currently trading with a market cap of 4.50 billion with an average daily volume of 37.33 million.