Avalanche sheds $0.374 to trade around $17.63

Avalanche recovering almost all the way back to $18 today, after dipping down to $17.54.

Avalanche made an initial break below its 10 day Simple Moving Average at $17.63, a possible indication of a forthcoming negative trend. AVAX is currently flirting with an active Fibonacci support level around $17.7. AVAX's upper Bollinger Band® is at $18.28 which indicates a further downward move may follow. In contrast, AVAX reversed direction at $17.74 support zone and climbed 12 cents above it.

Overall, looking at the technical analysis landscape, it seems Avalanche is likely to continue pointing down in the short term.

In the meantime, negative performances are also seen in other markets, Dogecoin is trading around $0.082 (down $0.003). After ending today's session at $1.14, Tezos USD lost $0.039 and is trading around $1.1.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36.

Over the past a year, AVAX has retreated 79.54% from a noteworthy peak of $88.03. AVAX has a market cap of 5.75 billion with an average daily volume of 187.44 million.