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March 03, 2023
Avalanche drops $1.28 early on and steadies around the $16.19 level.
Avalanche broke through the $17.11 support line and dropped 92 cents below it. AVAX made an initial break below its 200 day Simple Moving Average at $16.71, a possible indication of a forthcoming negative trend. Avalanche is currently flirting with an active Fibonacci support level around $15.82. On the other hand, note that Avalanche's lower Bollinger Band® is at $16.1, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Avalanche.
In the meantime, negative performances are also seen in other markets, Dogecoin dips 6.77% to trade around $0.075. After ending today's session at $95.32, Litecoin lost $6.3 and is trading around $89.03. Bitcoin is down to $22,376, losing $1,103.66, after closing at $23,479 in the preceding trading session.
Having set a significant high of $99.74 11 months ago, Avalanche is trading 82.49% lower. AVAX has a market cap of 5.26 billion with an average daily volume of 259.35 million.
