Avalanche price analysis finally shows a positive sight, as price began to march upwards for the first time since February 21. Making a 3 percent increment over the past 24 hours, AVAX price rose up to $16.80, rekindling pursuit of the $20 mark. The token has been subject to a massive downtrend since the end of February, losing more than 35 percent in moving down to $14. With the current uptrend still in a nascent stage, the support level for AVAX sits at $14, with resistance set at the $18 mark.
The larger cryptocurrency market recorded heavy uptrends over the past 24 hours, led by Bitcoin’s leap up to the $24,000 mark, with an 11 percent gain. Ethereum followed suit, increasing more than 6 percent to reach as high as $1,600. Among leading Altcoins, Ripple stayed at the $0.37 mark, whereas Cardano rose 5 percent to $0.34. Meanwhile, Dogecoin also rose 4 percent, while Polkadot upped 4 percent itself to move past the $6 mark once again.
Avalanche price analysis: Price goes above moving averages on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming an uptrend over the past 48 hours. Although the trend reversal could yet be very temporary, technical indicators suggest that the $20 resistance point could once again be breached over the current trend. With the current trend in place, AVAX price has moved back above the 9 and 21-day moving averages, and the important 50-day exponential moving average (EMA) at $15.59.
The 24-hour relative strength index (RSI) can once again be seen trending upwards after reaching up to the 46 mark. Indicative of increasing market valuation at the current price, AVAX RSI had depleted down to the 31 mark with price struggling as early as last week. The moving average convergence divergence (MACD) curve also indicates a bullish divergence to come in place, with the trend line approaching the signal line at current price.
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