Avalanche price analysis continues to show a bearish trend in place, with price dropping another 2 percent over the past 24 hours to move as low as $19.60. Despite the downtrend in place, AVAX seems to have stemmed the intensity of it. After yesterday’s 6 percent drop, the token only incurred a minor decrement today. Price continues to test the support level at $19, as Avalanche settles just under the $20 mark, occupying the 15th rank in the market.
The larger cryptocurrency market also showed minor declines across the board, as Bitcoin dropped 1 percent to stay below $23,000, as Ethereum also stayed at $1,600. Meanwhile, Cardano dropped 1 percent to $0.38, and Dogecoin slid 2.5 percent to move as low as $0.09. Meanwhile, Polkadot dropped 1 percent but stayed at $6.53 and Ripple at $0.39.
Avalanche price analysis: RSI slides further down to approach oversold zone
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen restarting and consolidating around the $20 mark. The next uptrend would test the $23 resistance, as bulls gather momentum at the current price point. However, the current downtrend in place has moved AVAX below its 9 and 21-day moving averages, and the crucial 21-day exponential moving average (EMA) at $20.34.
The 24-hour relative strength index (RSI) can be seen dropping towards the oversold zone to accompany the price decline. The RSI currently reads at 57.53 and as it moves lower, price is expected to follow. The moving average convergence divergence chart also shows a bearish divergence in place, while AVAX trading volume dropped 38 percent today, as price stalled with little buying movement in place.
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