Avalanche cryptocurrency trades up $0.141, approximately 1% higher this afternoon

Avalanche posts light gains on a low-volatility day, ranging between $13.9 – $14.28 and is now at $14.25.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $15.23, thereby suggesting that Avalanche is becoming overvalued. Avalanche is 10 cents away from testing key resistance at $14.35. Peaking above this level could inspire market bulls and open the path to further gains. In contrast, Avalanche made an initial breakout above its 3 day Simple Moving Average at $14.19, a potential indicator of a newly emerging bullish phase.

Technical analysis of Avalanche price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

Avalanche shows positive signs, other assets are also on par: having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $90.55, Litecoin is up 4.82% today to currently trade at around $94.92.

Meanwhile, Ripple closed at $0.507 (down 1.91%).

AVAX is now trading 51.95% below the significant high of $29.36 it set around 9 months ago. AVAX is currently trading with a market cap of 4.90 billion with an average daily volume of 111.82 million.