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June 11, 2023Having ended Friday at $11.67, AVAX dropped to $11.61, hitting its lowest point in 5 months and a half. It later recovered $0.097 and trades at $11.7.
As the trading day commences, technical analysis suggests the nearest support levels are at $10.11, and followed by $8.6 further down, resistance level is at $13.45, followed by $15.27 as the next hurdle. Trend-focused traders would be interested to note 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. According to momentum evaluation, the Relative Strength Index indicates AVAX is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, AVAX's upper Bollinger Band® is at $15.9 and the lower is $11.92.
Overall, the technical outlook suggests AVAX is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances are seen elsewhere as FTX Token jumps 9.54% to trade around $1.36. Cardano is trading around $0.264 (down $0.011). EOS is down to $0.687, losing $0.009, after closing at $0.696 in the preceding trading session.
Avalanche has fallen back around 60.25% over the past 9 months, from a notable high of $29.36. Avalanche is currently trading with a market cap of 4 billion with an average daily volume of 144.55 million.
