Mixed sentiment leads AVAX cryptocurrency to trade sideways; establishes tight $12.75 to $13.05 range

AVAX recovers back to $13 today after dipping down to $12.75, in a session that follows a previous closing value of $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 formed a session range of $12.75 to $13.05 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $12.8. Avalanche's upper Bollinger Band® is at $13.91, suggesting that a downward move may follow. On the other hand, note that AVAX is oscillating around the $12.85 level serving as support.

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

While AVAX is pretty flat so far today, mixed performances are seen elsewhere as FTX Token is up 9.54%. After ending today's session at $0.786, EOS lost $0.036 and is trading around $0.75. Litecoin added 3.65% to its value, now trading at $111.29.

AVAX has fallen back around 55.73% over the past 10 months, from a notable high of $29.36. AVAX is currently trading with a market cap of 4.49 billion with an average daily volume of 139.59 million.