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April 22, 2023
Marginally higher but lacking a clear-cut direction, AVAX is trading at $17.16 after ranging between $16.86 and $17.18 today.
Trend-focused traders would be interested to note 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. Avalanche failed to break through the $17.6 Fibonacci resistance level. Analysis based on the asset volatility indicates that AVAX's lower Bollinger Band® is at $16.08, indicating that the market is oversold and fertile for new buyers. Support/Resistance levels obtained from chart analysis indicate that although AVAX is appreciating today after rising as high as $17.18, price action is now slowing and consolidating around 81 cents below the $17.97 resistance level.
With market volatility ebbing, the current technical outlook indicates AVAX will remain range-bound for the immediate future.
AVAX shows positive signs, other assets are also on par: FTX Token added 9.54% to its value, now trading at $1.36. TRON gained 1.82% and is currently trading at $0.066.
At the same time, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Since its 52-week high of $74, AVAX has lost 77.13% over the last twelve months. AVAX is currently trading with a market cap of 5.61 billion with an average daily volume of 198.98 million.
