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April 23, 2023Avalanche slides down from $17.24 to $16.61 today, losing $0.623 (3.61%).
Despite being in the red so far in the current trading session, Avalanche peaked above its 3 day Simple Moving Average around $17.36 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $15.96, a low enough level to, generally, suggest that AVAX is trading below its fair value. AVAX could begin to recover as it approaches significant support, now 26 cents away from $16.87. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that Avalanche's current downtrend might soon change course and start climbing up in the short term.
In the meantime, negative performances are also seen in other markets, Dogecoin closed at $0.078 (down 3.13%). Bitcoin Cash slips 2.84% to trade around $118.71.
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 is trading 76.46% lower compared to the $73 high it reached over the past year. AVAX is currently trading with a market cap of 5.43 billion with an average daily volume of 219.91 million.
