Mixed sentiment leads AVAX cryptocurrency to trade sideways; establishes tight $16.88 to $17.37 range

Avalanche recovers back to $17.2 today after dipping down to $16.88, in a session that follows a previous closing value of $17.24.

Avalanche made an initial break below its 21 day Simple Moving Average at $17.02, a possible indication of a forthcoming negative trend. Having stamped out a session range of $16.88 to $17.37, Fibonacci-inclined AVAX traders were highly concentrated around active Fibonacci support at $16.93. AVAX's upper Bollinger Band® is at $18.39, suggesting that a downward move may follow. On the other hand, note that AVAX is currently alternating around $16.94 with price action moving above and below this key level throughout the session.

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 having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. EOS closed at $1.2 (down 3.13%). Bitcoin Cash is up 3.17%.

Avalanche has fallen back around 82.18% from the significant high of $96.76 set 11 months ago. AVAX is currently trading with a market cap of 5.61 billion with an average daily volume of 231.23 million.