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Avalanche price analysis: AVAX hits high volatility after reaching monthly high at $18.54

Avalanche price analysis

TL;DR Breakdown

. Avalanche price shows high volatility on daily chart
. Price dropped as low as $16.07 today
. Further decline could hit $14 mark

Avalanche price analysis shows a changing trend on the daily chart, as price settles after reaching a month-long high of $18.54 on January 14. With a 2 percent decline today, AVAX dropped as low as $16.07, showing high volatility in price action. Since January 2, price has risen from a lowly $10.76 to record a massive 72 percent uptrend. However, the current price correction could initiate a downtrend that could set price deviation down to the $14 mark.

The larger cryptocurrency market came back into the greens over the past 24 hours, as Bitcoin moved past the $21,000 mark with a 2 percent increment. Meanwhile, Ethereum also rose 2 percent to move closer to $1,600. Among leading Altcoins, Ripple extended up to $0.39 with a 2 percent increment itself, while Dogecoin receded 1 percent but stayed at $0.08. Cardano stayed at $0.43, whereas Polkadot dropped 2 percent to move down to $5.79.

Screenshot 2023 01 16 at 6.31.23 PM
Avalanche price analysis: Cryptocurrency heat map. Source: Coin360

Avalanche price analysis: AVAX remains clear of moving averages on daily chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen changing trends over the past 24 hours with an Evening Star pattern appearing. The 24-hour candlesticks show high price volatility with persistent selling pressure emerging as price corrects after reaching as high as $18.54. The 9 and 21-day moving averages remain well below the current price zone, along with the crucial 50-day exponential moving average (EMA) at $15.28.

AVAXUSDT 2023 01 16 18 57 41
Avalanche price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) can be seen trending horizontally on the daily chart after hitting peak overbought region at 78.69. As price corrects, the RSI will settle down below the current level at 62.32. Meanwhile, the moving average convergence divergence (MACD) curve shows a continued bullish divergence in place with the trend line well above the signal line, and the trading volume over the past 24 hours can be seen to have dropped almost 14 percent.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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