Avalanche price analysis shows price continuing to trend sideways to remain below the $18 resistance point. Over the past 24 hours, AVAX dropped 3 percent to move back to the $17 mark, after last getting rejected at the current resistance on March 18. Avalanche price also continues to show high volatility on the daily chart, forming no clear dominant trend over the past week. With the current levels of volatility, price could either spike above above the $18 resistance, or fall below the current support level at $16.
The larger cryptocurrency market also continued to remain in decline, as Bitcoin dropped 2.5 percent to $27,500, and Ethereum lost 3 percent to move down to $1,700. Among leading Altcoins, Ripple also dipped 3 percent to $0.42, whereas Cardano moved 3 percent lower than yesterday, to settle at $0.35. Meanwhile, Dogecoin and Polkadot also lowered 3 and 4 percent, respectively over the past 24 hours.
Avalanche price analysis: RSI begins to stagnate on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming a sideways trend around the $17 mark, indicating low market valuation. Traders will be looking to wait for a clear trend pattern to emerge before making moves, whereas price currently remains just above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $16.97.
The 24-hour relative strength index (RSI) can be seen forming a similar sideways pattern to price, hovering around the 50 mark. While this is not entirely a bearish indicator, but shows the lack of movement and buyer interest in the market for AVAX over the current trend. The moving average convergence divergence (MACD) chart also shows a slight bullish divergence in place, as the trend line continues to stay above the signal line. A clear trend is yet to form for AVAX on the daily chart, as a trading volume loss of 30 percent was recorded over the past 24 hours.
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