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June 08, 2023
Struggling to find upward momentum, AVAX has shed $0.088 to currently trade at $13.91 as it ranges between $13.82 and $14.08 so far today.
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's upper Bollinger Band® is at $14.95 which indicates a further downward move may follow. In contrast, Avalanche could begin to recover as it approaches significant support, now 4 cents away from $13.87. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems AVAX is likely to continue pointing down in the short term.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD stumbles 2.98% to trade around $6.43.
Positive performances can be seen by looking at other markets as FTX Token gained 9.54% and is currently trading at $1.36. Having closed the previous session at $0.862, EOS is up 2.95% today to currently trade at around $0.888.
Having set a significant high of $29.36 9 months ago, AVAX is trading 52.28% lower. AVAX is currently trading with a market cap of 4.80 billion with an average daily volume of 119 million.
