Avalanche price analysis continues to show a bearish trend in place, with price trending sideways since the start of the month to dismiss new buyer interest. AVAX faced a 14 percent dip on May 6, dropping from a high point of $17.43 to $14.98. Support level remains at the $15 mark whereas resistance remains above the current price at $16. Avalanche price at the time of writing sits at $14.69, with market capitalisation at $10,591,549,792. Trading volume for the token fell more than 25 percent over the past 24 hours, further highlighting the bearish sentiment in the market for AVAX.
The larger cryptocurrency market showed minor recoveries made from yesterday’s price levels, with Bitcoin moving in touching distance to the $27,000 mark, and Ethereum moving above $1,800. Among leading Altcoins, Ripple moved up to $0.46, while Cardano dropped 2 percent to $0.36 and Dogecoin moved down to $0.07. Meanwhile, Polkadot recovered up to $5.34 and Solana recovered to $20.42.
Avalanche price analysis: RSI remains in oversold zone on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen extending its horizontal run around the $15 support zone since the 14 percent decrement faced on May 6. Price remains below its 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $15.02. Furthermore, the 24-hour relative strength index (RSI) is seen continuing within the oversold zone with a value at 35 at current price, showing low market valuation. In addition, the moving average convergence divergence (MACD) curve shows a continued bearish divergence in place as the trend line follows below the signal line. In conclusion, majority technical indicators are exhibitive of the current bearish trend to continue for Avalanche price analysis.
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