AVAX is now trading at $15.69 after tracing out a steady $15.64 – $15.86 range today.
Avalanche made an initial break below its 10 day Simple Moving Average at $15.68, a possible indication of a forthcoming negative trend. Avalanche's upper Bollinger Band® is at $17.1, suggesting that a downward move may follow. Despite this, Avalanche is approaching key support, around 17 cents away from $15.52. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Avalanche is positioned for a downward move in the near term.
While Avalanche is pretty flat so far today, mixed performances are seen elsewhere as Ripple retreats 1.42% to trade around $0.447.
AVAX is now trading 88.29% below the significant high of $134.53 it set around 11 months ago. AVAX has a market cap of 4.67 billion with an average daily volume of 19.17 million.