Avalanche price analysis shows a concrete bearish spell in place, as the coin continues to decline after the $16 support was breached a few days ago. Since February 22, AVAX price has dropped more than 34 percent, sending price to the lowest point since January 11. As price continues to decline, support at the current trend has dropped to the $13 mark. Avalanche price dropped another 6 percent over the past 24 hours, touching a low of $14.14, with a declining market capitalisation of $4,673,161,647.
The larger cryptocurrency market remained in severe state of decline across the board, as Bitcoin crashed down to $20,400 with a further 6 percent dip, similar to Ethereum’s 6 percent move downward to $1,400. Among leading Altcoins, Ripple dropped 4 percent to $0.37, whereas Cardano slipped 2 percent to sit at $0.31. Meanwhile, Dogecoin lost 7 percent in moving down to $0.06, while Polkadot dropped to $5.44 following a 4 percent decline.
Avalanche price analysis: RSI reads lowly 30 figure on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming a definitive descending triangle pattern after moving to the lowest point since January 11. With the current decline pushing support down to the $13 mark, price continues to remain below the 9 and 21-day moving averages. The crucial 50-day exponential moving average (EMA) at $15.47 remains well above current price projections and AVAX will have to rise up to that point to consolidate any momentum upwards.
The 24-hour relative strength index (RSI) can be seen declining deep into the oversold zone as a consequence of the current bearish run. The low market valuation indicated by the downtrending RSI shows little prospect of recovery at the current trend for AVAX. Meanwhile, the moving average convergence divergence (MACD) curve also shows a bearish divergence in place. Trading volume for Avalanche rose around 40 percent over the past 24 hours, confirming majority seller action in the market.
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