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June 15, 2023
Currently trading at $11.48, AVAX remains range-bound between $11.36 and $11.54.
Analysis of Avalanche's recent price action suggests Avalanche could be slowing down soon as it approaches resistance at $11.81. Of course, crossing it might suggest further gains are ahead. With regards to technical trend indicators, chart analysis show 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 momentum evaluation, the Relative Strength Index indicates AVAX is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that AVAX's lower Bollinger Band® is at $10.67, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests AVAX has no clear-cut direction.
Avalanche shows positive signs, other assets are also on par: FTX Token is up 9.54%. TRON gained 1.37% and is currently trading at $0.072. UNICORN Token USD added 3.25% to its value, now trading at $4.55.
10 months ago Avalanche reached a significant high of $29.36 but has consequently lost 61.31% since then. AVAX is currently trading with a market cap of 3.96 billion with an average daily volume of 147.11 million.
