Mixed sentiment leads Avalanche cryptocurrency to trade sideways; establishes tight $19.55 to $19.81 range

Avalanche is now trading at $19.62 after tracing out a steady $19.55 – $19.81 range today.

Avalanche made an initial break below its 21 day Simple Moving Average at $19.55, a possible indication of a forthcoming negative trend. AVAX's upper Bollinger Band® is at $21.55, suggesting that a downward move may follow. In contrast, AVAX is approaching key support, around 35 cents away from $19.27. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

Despite the market lacking direction, technical chart analysis strongly suggests AVAX is positioned for a downward move in the near term.

Other markets show mixed performance as FTX Token is up 9.54%. Tezos USD is down $0.033 from the beginning of the session and now trades around $1.31. Binance Coin gained 1.18% and is currently trading at $311.75.

Having set a significant high of $99.74 10 months ago, AVAX is trading 80.29% lower. Avalanche is currently trading with a market cap of 6.18 billion with an average daily volume of 209.95 million.