Avalanche price analysis shows a volatile downtrend taking shape, as price dropped as low as $16.28 today. Following a positive sight over the past few days, AVAX recovered up to $17.72 after initially dropping heavily from $21.52 on April 19. However, a 3 percent downtrend followed over the past 24 hours, pulling price back to $17.19 at the time of writing, with heavy volatility shown. Avalanche bulls will still have the $18 resistance in sight, with trading volume over the past 24 hours picking up more than 53 percent.
The larger cryptocurrency market offered little improvement on yesterday’s price action, as Bitcoin remained at $28,500, with Ethereum staying put just below the $1,900 mark. Among Altcoins, Ripple dropped 2 percent to $0.45, whereas Cardano moved up by 2 percent to reach up to $0.39. Meanwhile, Dogecoin stayed at $0.07 following a 2 percent decrement, whereas Polkadot also lowered 2 percent to $5.38.
Avalanche price analysis: AVAX seen taking another tumble on the daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen undergoing a rather sudden and volatile decline over the past 24 hours. Previously, a recovery seemed to have been forming just above the $17 mark, with a sideways trend taking shape. However, today’s push down to a low of $16.28 took price below its 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $17.73.
The 24-hour relative strength index (RSI) can also be seen dropping back into the early 40’s, after keeping on the upside over the past few days. The RSI currently shows low and volatile market valuation around the 44 mark, whereas the moving average convergence divergence (MACD) curve also shows a bearish divergence in place with the trend line sitting well below the signal line.
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