Bearish AVAX currently $0.493 lower after trading as high as $13.19

AVAX is consolidating around the $12.7 level after dropping $0.493 at the start of the trading session.

Avalanche reversed direction at $13.12 support zone and climbed 42 cents above it. Avalanche made an initial break below its 10 day Simple Moving Average at $12.86, a possible indication of a forthcoming negative trend. AVAX is currently flirting with an active Fibonacci support level around $12.94. Avalanche's upper Bollinger Band® is at $13.81 which indicates a further downward move may follow.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts AVAX to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Avalanche is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Algorand USD is down to $0.119, losing $0.008, after closing at $0.127 in the preceding trading session. Cardano is down to $0.273, losing $0.013, after closing at $0.286 in the preceding trading session.

Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Approximately 10 months ago, Avalanche reached a significant high of $29.36 but has struggled to hold onto its gains and declined 55.06% since then. Avalanche is currently trading with a market cap of 4.38 billion with an average daily volume of 139.26 million.