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Avalanche price analysis: AVAX moves past $14 support but stays bearish

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TL;DR Breakdown

. Avalanche price moves above $14 support on daily chart
. 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.

Screenshot 2023 05 29 at 11.55.03 PMAvalanche price analysis: AVAX moves past support but stays bearish
Avalanche price analysis: Cryptocurrency heat map. Source: Coin360

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.

AVAXUSDT 2023 05 30 00 00 47Avalanche price analysis: AVAX moves past support but stays bearish
Avalanche price analysis: 24-hour chart. Source: Trading View

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.

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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