TL;DR Breakdown
. Price remains bearish after dropping as low as $13.77 earlier
. RSI moved back into the oversold region
Avalanche price analysis shows a continued bearish trend in place, despite a slight uptrend occurring over the past 24 hours to take price past the $14 support. Earlier, AVAX price dipped down to as low as $13.77 which was followed by a slight recovery to move back to earlier levels. Avalanche has largely been in downtrend throughout the month of May, after declining on May 8 from the $16.52 mark. The $16 price point now acts as resistance for the current trend, with price at $14.41 at the time of writing. Avalanche trading volume dropped around 4 percent over the past 24 hours, with market cap at $10,365,619,812.
The larger cryptocurrency market showed minor downtrends across the board, with Bitcoin dropping to $27,600 with a 2 percent decline. Ethereum also incurred a small decline to move down to $1,900. Among leading Altcoins, Ripple stands out to incur a 3 percent uptrend, moving up to $0.49. Meanwhile, Cardano dropped 1 percent to $0.37, and Dogecoin to $0.07. In addition, Polkadot receded to $5.34 after a 1 percent dip over the past 24 hours.
Avalanche price analysis: RSI moved back into oversold region on 24-hour chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen extending along a descending triangle pattern since April, when price was at a high of $21.24. Over the past 24 hours, price has shown some upward momentum to move back above the $14 support. The 50-day exponential moving average (EMA) sits just below current price at $14.43 with the 9 and 21-day moving averages also sitting around this mark.
The 24-hour relative strength index (RSI) extended up to 44.30 since May 25, showing increasing market valuation. However, the RSI level has fallen once again into the oversold region below the 40 mark. Meanwhile, the moving average convergence divergence curve shows a slightly bullish divergence in place, with the trend line sitting above the signal line at current price.
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