Avalanche price analysis shows price continuing to trend sideways following from a drop below the previous support mark at $17. AVAX has trended downwards since February 22, when price was at a high of $21.63. Since then, a low of $15.78 has been recorded, making it a 27 percent decline. However, before an uptrend could be formed, price could continue to dip further towards the current support at $16, and even fall behind it. AVAX carries a market cap of $5,354921,656, attaining the 16th rank in the crypto market.
The larger cryptocurrency market shows most major cryptos in decline, led by Bitcoin’s demise down to the $22,400 mark, and Ethereum’s decline to the $1,500 mark. Among leading Altcoins, Ripple stayed at $0.36, while Cardano dropped 2 percent to $0.33. Dogecoin recorded a minor uptrend to move up to $0.07, whereas Polkadot dropped 2 percent to fall below the $6 mark to $5.95.
Avalanche price analysis: RSI falls below 40 mark on the daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming a lowly pattern to continue its decline since the rejection at $20 on February 24. Since then, price has largely stagnated around the $17 mark, having given up this support zone over today’s downtrend. On the 24-hour chart, AVAX price remains below its 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $16.89.
The 24-hour relative strength index (RSI) can be seen dropping below the 40 mark to indicate lowering market valuation for AVAX. As the RSI indicates, price is expected to saturate at this low interest before forming an uptrend to challenge the $18 resistance point. Meanwhile, the moving average convergence divergence (MACD) curve continues to show a bearish divergence in place, with the trend line well below the signal line on the daily chart. Trading volume picked up 48 percent over the past 24 hours, mainly consisting of selling action.
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