Avalanche withdraws $0.658 following previous session close at $14.7

Avalanche crashes after losing $0.658, breaking down to $14.04.

Avalanche reversed direction at $14.2 support zone and climbed 16 cents above it. AVAX made an initial break below its 5 day Simple Moving Average at $14.5, a possible indication of a forthcoming negative trend. On the other hand, note that Bollinger Bands® shows an indication of recovery: the lower band is at $13.8, a low enough level to, generally, suggest that AVAX is trading below its fair value.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Avalanche.

In the meantime, negative performances are also seen in other markets, Litecoin closed at $85.32 (down 6.9%). Bitcoin is trading around $26,134 (down $1,085).

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.

Avalanche has shed 26.58% over the past three months. Avalanche is currently trading with a market cap of 4.70 billion with an average daily volume of 128.87 million.