Is it the end of Avalanche's rally? After four days of gains, it is down by 7.88% today

AVAX crashes after losing $1.67, breaking down to $19.52.

Avalanche fell below the $20.52 support zone and moved 100 cents beyond it; the next level of support with significant buyer interest is estimated at $19.93. Avalanche made an initial break below its 10 day Simple Moving Average at $19.45, a possible indication of a forthcoming negative trend. AVAX's upper Bollinger Band® is at $21.1 which indicates a further downward move may follow.

Overall, looking at the technical analysis landscape, it seems Avalanche is likely to continue pointing down in the short term.

In the meantime, negative performances are also seen in other markets, Litecoin falls 8.31% to trade around $93.32. EOS is down $0.102 from the beginning of the session and now trades around $1.12. Ripple closed at $0.494 (down 7.3%).

Avalanche has shed $58.1 points and is languishing 73.27% lower over the past year, leaving its yearly highs around $79.22 in the rear-view mirror. Avalanche is currently trading with a market cap of 6.38 billion with an average daily volume of 192.69 million.