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February 28, 2023
AVAX is grinding lower from $17.93 to $17.53, shedding $0.395 (2.2%) today.
Avalanche's lower Bollinger Band® is at $16.53, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, price action remains constrained around the key Fibonacci level of $17.86 currently serving as support. If price action breaks below, the next Fib hurdle is $17.08. AVAX pushed below the $17.64 support level and extended 11 cents beyond it.
Technical analysis indicates that Avalanche (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, after ending today's session at $135.15, Bitcoin Cash lost $2.49 and is trading around $132.67.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. EOS moves up 2.55% to trade around $1.16.
Avalanche reached a significant high of $99.74 around 10 months ago but has lost 82% since then. Avalanche has a market cap of 5.69 billion with an average daily volume of 242.59 million.
