Avalanche price analysis shows price setting down after initially falling below the $20 mark on February 24. Price remains in pursuit of the resistance point at $20, with the support zone keeping just below current price at the $16 mark. AVAX shows stagnating price trend over the past 24-48 hours, as price settles at the $17.50 point under a bearish spell. Price could drop further, moving below the $16 support before picking up again. AVAX carries a market cap of $5,670,026,953, keeping the 16th rank in the crypto market.
The larger cryptocurrency market largely remained around yesterday’s prices, with Bitcoin keeping at $23,500 and Ethereum at $1,600. Among leading Altcoins, Ripple dropped 1 percent to $0.37, with Cardano losing 2 percent to move down to $0.35. Meanwhile, Dogecoin also incurred a minor drop to move down to $0.08, whereas Polkadot also dropped 2 percent to $6.34.
Avalanche price analysis: Price remains below moving averages on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming a rectangular pattern around the $17.5 mark in a bearish fashion. Price continues to sit far below the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $18.37.
The 24-hour relative strength index (RSI) can be seen deteriorating into the oversold zone at the 43 mark which signifies the horizontal and stagnating trend in place. The moving average convergence divergence (MACD) also shows signs of a bearish divergence, with the trend line keeping below the signal line. Meanwhile, AVAX trading volume dropped 13 percent over the past 24 hours, showing decremental market interest in the token at current trend.
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