Avalanche has continued trading in the red today. During the last 24 hours, AVAX has dropped 5.5%, and it was trading at $11.99. Avalanche is following the same trend as the broader market that is also trading in the red today.
Avalanche price analysis
Like many cryptos in the market, Avalanche has plunged significantly following the collapse of the FTX exchange. In just two weeks, AVAX has dropped by around 34%. The token is currently down 91% from its all-time high of $144.
Over the past day, AVAX has traded between $11.78 and $12.70, according to CoinGecko data, indicating low volatility. The market capitalization for this token has dropped significantly, and it currently ranks as the 22nd largest crypto with a market capitalization of $3.61 billion.
Volatility is cooling down, which means fewer traders are trading the token. AVAX’s trading volumes in the last 24 hours stand at around $166 million, which is still healthy but low.
If AVAX continues making losses, it will likely test support below the $11 level. Dropping below $11 could trigger more selloffs, and the price could collapse to around $8. The bearish thesis will be invalidated if AVAX rallies toward $15.
The Relative Strength Index points toward AVAX being in a notable decline, and the bears seem to have control of the market. A Relative Strength Index (RSI) of 43 shows that the token is under selling pressure. The price chart also shows that AVAX is testing lower lows. The strength of the bears and lack of support from the broader market could result in AVAX’s further collapse.
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