Mixed sentiment leads Avalanche cryptocurrency to trade sideways; establishes tight $12.91 to $13.14 range

A mostly flat day so far for AVAX, ranging between $12.91 and $13.14; currently at $13.

Avalanche made an initial break below its 10 day Simple Moving Average at $12.97, a possible indication of a forthcoming negative trend. AVAX's upper Bollinger Band® is at $13.86, suggesting that a downward move may follow. Despite this, Avalanche is approaching key support, around 53 cents away from $12.46. 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.

At the same time, mixed performances are seen elsewhere as Bitcoin Cash falls 6.05% to trade around $288.14. FTX Token is up 9.54%. Solana decreases 4.05% to trade around $18.13.

Avalanche has shed 26.71% over the past three months. Avalanche has a market cap of 4.48 billion with an average daily volume of 153.75 million.