Avalanche ended the previous session at $13.26; currently trading at $13.08

After closing at $13.26 today, Avalanche opened today at $13.26, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Avalanche retains a distinct $13.07 to $13.38 daily range.

Avalanche made an initial break below its 3 day Simple Moving Average at $13.11, a possible indication of a forthcoming negative trend. Despite this, Avalanche could begin to recover as it approaches significant support, now 25 cents away from $12.84. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts AVAX to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Avalanche is expected to attract significant bearish sentiment in the coming days.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Bitcoin Cash improves 4.77% to trade around $189.78. Tezos USD rises 1.95% to trade around $0.811.

Over the past 10 months, Avalanche has retreated 54.85% from a noteworthy peak of $29.36. AVAX is currently trading with a market cap of 4.51 billion with an average daily volume of 148.98 million.