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May 13, 2023
Avalanche drops from $15.2 to $14.96, losing $0.245 (1.61%) today.
Avalanche could begin to recover as it approaches significant support, now 19 cents away from $14.76. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Avalanche peaked above its 5 day Simple Moving Average around $15.15 — typically an early indicator of a new bullish trend beginning to emerge. When "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal. Avalanche's lower Bollinger Band® is at $14.43, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems AVAX —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is trading around $6.43 (down $0.197). Ripple slips 1.35% to trade around $0.425.
Positive performances can be seen by looking at other markets as FTX Token soars 9.54% to trade around $1.36.
Approximately 11 months ago, AVAX reached a significant high of $36.52 but has struggled to hold onto its gains and declined 58.38% since then. AVAX has a market cap of 4.97 billion with an average daily volume of 156.54 million.
