Mixed sentiment leads AVAX cryptocurrency to trade sideways; establishes tight $16.54 to $16.7 range

Avalanche drops from $16.64 to $16.59, losing $0.049 (0.3%) today.

Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Avalanche's upper Bollinger Band® is at $18.41 and the lower is $16.09. A study of AVAX's chart reveals various key levels to watch: Avalanche is approaching key support, around 28 cents away from $16.31. 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.

Overall, technical indicators suggest AVAX has no obvious direction for the immediate future.

While Avalanche is pretty flat so far today, mixed performances are seen elsewhere as FTX Token jumps 9.54% to trade around $1.36. UNICORN Token USD slides down 2.98% to trade around $6.43.

Approximately a year ago, Avalanche reached a significant high of $55.28 but has struggled to hold onto its gains and declined 69.9% since then. Avalanche is currently trading with a market cap of 5.48 billion with an average daily volume of 208.13 million.