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.
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.
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.
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