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March 07, 2023
After closing at $16.54 today, Avalanche opened today at $16.54, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Avalanche retains a distinct $16.21 to $16.7 daily range.
With regards to technical trend indicators, chart analysis show that Avalanche made an initial break below its 200 day Simple Moving Average at $16.49, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $15.13, a low enough level to, generally, suggest that AVAX is trading below its fair value. Technical analysis of Avalanche's past price action reveals multiple support and resistance levels: Avalanche fell below the $16.41 support zone and moved 15 cents beyond it; the next level of support with significant buyer interest is estimated at $16.3.
Overall, the technical outlook suggests AVAX is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, EOS is trading around $1.18 (down $0.035). Algorand USD is down $0.007 from the beginning of the session and now trades around $0.219.
Other assets are showing positive performances as FTX Token jumps 9.54% to trade around $1.36.
Having set a significant high of $99.74 11 months ago, AVAX is trading 83.42% lower. AVAX has a market cap of 5.29 billion with an average daily volume of 246.37 million.
