Losing streak continues: Avalanche down $0.579 to $16.56 adding to its five days of losses

AVAX is grinding lower from $17.13 to $16.56, shedding $0.579 (3.38%) today.

Avalanche's lower Bollinger Band® is at $15.56, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. AVAX could begin to recover as it approaches significant support, now 42 cents away from $17. Dipping below could be an indication that further losses are ahead.

Technical analysis shows that AVAX (currently on a downtrend) might reverse course and start going up in the short term.

In the meantime, negative performances are also seen in other markets, Bitcoin is down to $27,681, losing $1,567.45, after closing at $29,248 in the preceding trading session. Cosmos USD is trading around $10.89 (down $0.625).

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.

11 months ago AVAX reached a significant high of $67.09 but has consequently lost 74.46% since then. Avalanche is currently trading with a market cap of 5.44 billion with an average daily volume of 222.56 million.