Bearish Avalanche currently $0.316 lower after trading as high as $14.46

Avalanche is down to $14.13, after ending today at $14.45. Overall, a 2.19% loss or $0.316 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 $15.24 which indicates a further downward move may follow.

In the short term, AVAX is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are also seen in other markets, Ripple retreats 3.12% to trade around $0.505. Bitcoin slides down 2.21% to trade around $27,100.

Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36.

Avalanche reached a significant high of $29.36 around 9 months ago but has lost 50.8% since then. Avalanche is currently trading with a market cap of 4.86 billion with an average daily volume of 122.94 million.