Is it the end of AVAX's rally? After three days of gains, it is down by 3.42% today

Avalanche is grinding lower from $21 to $20.28, shedding $0.717 (3.42%) today.

Avalanche made an initial break below its 5 day Simple Moving Average at $20.21, a possible indication of a forthcoming negative trend. AVAX's upper Bollinger Band® is at $22.04 which indicates a further downward move may follow. Despite this, AVAX reversed direction at $20.56 support zone and climbed 27 cents above it.

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

In the meantime, negative performances are also seen in other markets, Solana closed at $23.58 (down 5.52%).

Other assets are showing positive performances as FTX Token is up 9.54%. Tezos USD gained 6.75% and is now trading at $1.3.

Over the past 10 months, AVAX has retreated 78.94% from a noteworthy peak of $99.74. Avalanche is currently trading with a market cap of 6.39 billion with an average daily volume of 195.69 million.