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May 30, 2023Without a clear-cut direction, Avalanche is trading around $14.46 and ranging between $14.42 and $14.48.
Avalanche made an initial break below its 5 day Simple Moving Average at $14.46, a possible indication of a forthcoming negative trend. AVAX's upper Bollinger Band® is at $15.3, suggesting that a downward move may follow. Despite this, AVAX is approaching key support, around 20 cents away from $14.27. 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 Avalanche is positioned for a downward move in the near term.
While Avalanche is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is now trading at $1.36. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. After ending today's session at $0.496, Ripple lost $0.003 and is trading around $0.493.
Having set a significant high of $29.36 9 months ago, AVAX is trading 50.68% lower. Avalanche has a market cap of 4.98 billion with an average daily volume of 122.43 million.
