Avalanche set for weak finish today; down 4.64% to $15.44 with 3 hours before close

AVAX slides down from $16.19 to $15.44 today, losing $0.751 (4.64%).

Following today's trading session, chart analysis suggests Avalanche is oscillating around the $16.08 level serving as support. Trend and momentum analysis indicates 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 asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $14.72, a low enough level to, generally, suggest that Avalanche is trading below its fair value.

Overall, the technical outlook suggests AVAX is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Solana is trading around $18.6 (down $1.68). Algorand USD is down to $0.203, losing $0.014, after closing at $0.218 in the preceding trading session.

Other assets are showing positive performances as FTX Token rallies 9.54% to trade around $1.36.

Approximately 11 months ago, Avalanche reached a significant high of $99.74 but has struggled to hold onto its gains and declined 83.77% since then. Avalanche has a market cap of 5 billion with an average daily volume of 242.28 million.