Avalanche price analysis: AVAX could face yet another rejection at $20 resistance
Avalanche price analysis shows its continued bearish trend in place, after price lost around 2 percent over the past 24 hours to drop as low as $19.45. AVAX has been struggling to break the $20 resistance since falling from this point yesterday and could yet be facing another rejection around this mark. After trending mostly sideways for the past week, AVAX moved from $17.45 to $20.12 yesterday, only to repel back over the past 24 hours. With a market capitalisation of $6,176, 563,195, Avalanche continues at number 16 in the cryptocurrency market.
The larger crypto market made minor increments that can be seen across the board, as Bitcoin revived up to $24,500 with a 2 percent incline, and Ethereum rose up to $1,600 with a 2 percent uptrend. Among leading Altcoins, Ripple dropped to $0.39, as Dogecoin moved down to $0.08 with a 2 percent decline. Cardano stayed at $0.39 over the past 24 hours, while Polkadot rose up to $6.57.
Avalanche price analysis: RSI drops again on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen shifting from yesterday’s uptrend to record a declining price action over the past 24 hours. AVAX remains below the $20 resistance, however price still sits above the 9 and 21-day moving average, along with the crucial 50-day exponential moving average (EMA) at $18.56.
The 24-hour relative strength index (RSI) can be observed taking another hit after today’s price action, falling below the 60 mark to head towards the oversold region. Meanwhile, the moving average convergence divergence (MACD) curve also shows a bearish divergence in place as the trend line remains below the signal line. Support for AVAX sits at $18 and any downtrend further below this point would invalidate the bullish sentiment from the AVAX market.
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