Avalanche (AVAX) started to decline after the fluctuation in the market.
The cryptocurrency market has been on a downward trend for the past week after welcoming the arrival of 2023 positively. However, one of the coins caught in this decline in the market is Avax.
AVAX Loses $17 Support
On the daily chart of Avalanche, the bulls failed to sustain the price above the $17.02 support level, which serves as the base for AVAX today. At the time of writing, the AVAX/USD pair has fallen by nearly 2 percent in the last 24 hours. Additionally, the 24-hour trading volume currently sits at $122 million.
Volatility is high for AVAX/USD on the daily chart as the Bollinger bands show a fairly wide range for price action. The upper band is at $20.69 and the lower band is at $16.14. The moving average (MA) is also higher and it is located at $17.16. The relative strength index (RSI) is trading at 52 and is still in neutral territory, suggesting there may be more room for growth in AVAX.
As a result, the situation does not look too bad with this decrease in AVAX. Looking at the data, an uptrend seems likely in the future.
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