Avalanche price analysis shows a bearish trend taking over trade for the token, as price dipped for the second day running over the past 24 hours. AVAX touched a 3-month high of $22.71 on February 2, and seemed to have settled around that price point. However, over the past 48 hours, bearish action can be seen dominating the market, as price fell down to $19.70 today, incurring a 7 percent decline. AVAX price, currently at $19.97, is expected to further test support at $19 over the coming 24 hours.
The larger cryptocurrency market showed signs of significant declines across the board, as Bitcoin dropped to $22,800 after falling from the $23,000 mark. Ethereum also declined 2 percent, moving down to $1,600. Meanwhile, leading Altcoins also mimicked a bearish trend, with Ripple falling 4 percent to $4.09, and Cardano to $0.38. Dogecoin crashed 6 percent to move as low as $0.09, while Polkadot dipped 4 percent as well, moving down to $6.54.
Avalanche price analysis: RSI slips towards the oversold zone as price drops
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen shifting from an uptrend that took AVAX up to $22.78 to a downtrend over the past 24 hours. With today’s decline in place, Avalanche price is expected to test the support level at the $19 mark. Price can also be seen falling below the 9 and 21-day moving averages, and the crucial 50-day exponential moving average (EMA) at $20.34 to accompany the current decline.
The 24-hour relative strength index (RSI) can be seen complementing the price decline with a move below the 60 mark. Meanwhile, the moving average convergence divergence (MACD) curve can also be seen attempting a bearish divergence as the trend line moves below the signal line. Trading volume for AVAX over the past 24 hours rose 37 percent, mainly consisting of selling action.
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