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Avalanche price analysis: AVAX price shows little change to bearish momentum

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TL;DR Breakdown

. Avalanche price continues struggle below $15 mark
. Price finds new support at $13
. Technical indicators suggest for bearish trend to continue

Avalanche price analysis shows little change to the extended bearish run in place, as price slipped to $14.51 over the past 24 hours. The continued movement below the $15 mark has meant that AVAX is unable to attract buyer interest at current trend, and remains in a sideways deadlock. A new support mark at $13 has developed over the current trend, with price expected to test this support before the next upturn. Avalanche trading volume dropped another 30 percent over today’s trade, with the market cap figure also dropping to $10,531,810,650.

The larger cryptocurrency market showed minor signs of recovery from yesterday’s prices, led by Bitcoin’s move past the $27,000 mark, and Ethereum’s move above $1,800. Among leading Altcoins, Ripple moved up to $0.46, with Cardano slipping back to $0.36. Meanwhile, Dogecoin made a minor increment to settle at $0.07, and Polkadot reaching up to $5.41.

Avalanche price analysis: Bearish technical indicators dominate daily chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen continuing to trend sideways in a horizontal pattern around the $14 mark. As AVAX price moved below previous support at $15, price also slipped further below its 9 and 21-day moving averages, along with the important figure of the 50-day exponential moving average (EMA) at $15.

AVAXUSDT 2023 05 20 22 50 33Avalanche price analysis: AVAX price shows little change to bearish momentum
Avalanche price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) can be seen trending further downwards into the oversold zone, showing a value of 34 which indicates low market valuation. The moving average convergence divergence (MACD) curve also shows a continued bearish divergence in place.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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