Avalanche price analysis shows price continuing to trade below the resistance point at $18, with bearish indicators in place. AVAX price rose up to $17.82 over the past 24 hours, showing a significant rise since hitting the $15 low on March 27. However, the current trend doesn’t seem to have enough impetus to test the $18 resistance. Currently, price continues to trend sideways, as traders gauge the current trend. AVAX market cap was at $12,724,754,071 at the time of writing, with the token occupying the 16th rank in the cryptocurrency market.
The larger cryptocurrency market showed similar signs of minor downtrends across the board over the past 24 hours, with Bitcoin declining to just under $28,500. Ethereum also remained bearish at $1,800, whereas leading Altcoins showed somewhat mixed outcomes. Ripple dropped 1 percent to $0.51, whereas Cardano dropped 3 percent to move down to $0.38. Dogecoin, however, made a massive jump upwards to reach $0.08 with a 9 percent increment, and Polkadot reached up to $0.64 following a minor increment.
Avalanche price analysis: AVAX trades just ahead of moving averages on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming a sideways trend over the past few candlesticks, indicating a bearish state in place. However, price currently remains just above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $17.32.
Meanwhile, the 24-hour relative strength index (RSI) continues to show a healthy market valuation at 54, while the moving average convergence divergence (MACD) curve also shows a slightly bullish divergence in place. The next move for AVAX will come if price is able to move past the $18 resistance, as buyers continue to sit on the fence over the current trend. Avalanche lost over 39 percent in trading volume over the past 24 hours.
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