Avalanche price analysis shows price potentially facing another rejection at the $20 resistance, after AVAX recorded a 4 percent decline at this price point over the past 24 hours. Price lowered to $19.67, before settling back at $20.03 at the time of writing. The token has largely showed quite a volatile behaviour since the 23 percent uptrend that took place on January 27. Since then, price has been hovering around the $20 mark, having faced multiple rejections. Avalanche continues to attain the 15th rank in the cryptocurrency market, with a market capitalisation of $6,313,953,277.
The larger cryptocurrency market showed minor decrements across the board, as Bitcoin dropped back from the $23,000 mark with a 2 percent decline, and Ethereum slipped 1 percent to $1,650. Among leading Altcoins, Ripple dipped 1.5 percent to $0.39, similar to Cardano’s drop to $0.39. Meanwhile, Dogecoin declined 3 percent, but stayed at $0.09, as Polkadot dipped 2.5 percent to $6.73.
Avalanche price analysis: Price remains below moving averages on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen maintaining a volatile pattern to largely show bearish signs in pursuit of the $20 resistance. After apparently failing at this price point once again, AVAX could test the support level at $18.45 over the coming 24 hours. With today’s 4 percent decline, price fell further below the 9 and 21-day moving averages, and the important 50-day exponential moving average (EMA) at $20.48.
The 24-hour relative strength index (RSI) can be seen trending downwards since the start of the week, as price continues to keep its place around the $20 mark. The RSI dropped below the 60 mark and could be headed into an oversold zone as price continues to dip. The moving average convergence divergence (MACD) curve is also indicative of a bearish trend, as the trend line keeps below the signal line to show a bearish divergence.
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