Avalanche price analysis shows a continued bearish trend in place, after price fell below the $18 mark for the first time since February 14. AVAX dropped 2 percent to move as low as $17.74, after initially dropping below the $20 resistance last Friday. Avalanche has faced multiple rejections at the current resistance point, whereas support sits just below current price at $16. The token carries a market capitalisation of $5,826,197,236 after dropping down to the 16th rank in the cryptocurrency market.

The larger crypto market stayed in the red zone after yesterday’s decline, as Bitcoin fell below $23,500 and Ethereum dropped to $1,600 with minor dips faced by each. Among Altcoins, Ripple stays at $0.37, while Cardano dropped to $0.36 with a 2 percent decrement. Meanwhile, Dogecoin also lost 2 percent to move to $0.08, while Polkadot dropped to $6.55, also enduring a similar decline.

Avalanche price analysis: RSI moves deep into oversold zone on daily chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen stagnating around the $18 mark over the past 3 days, after initially falling from the crucial $20 mark last week. As price remains bearish, the moving averages on the daily chart keep well above the current price levels, such as the exponential moving average (EMA) at $19.34.

The 24-hour relative strength index (RSI) can be seen dropping into the oversold zone around the 40 mark, indicative of deteriorating market value for AVAX. As price continues to dip, the RSI is expected to lower further. Meanwhile, the moving average convergence divergence (MACD) curve also shows a bearish divergence in place, with the trend line sitting below the signal line.

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