Avalanche price analysis suggests bearish readings over the last 24 hours as price struggles to break above the $12 support. A 13 percent drop on Dec. 16 brought the price down to $11.59 before settling around the current price level of $11.96.
AVAX had previously established support territory around $13 and held there for most of November after initially dropping from a high of $19.78. Given the ongoing bearishness of the market, the next low at $9 remains a clear opportunity for AVAX.
The larger cryptocurrency market posted marginal gains after initially slipping back into the red during intraday trading. Bitcoin moved below $17,000 to settle around $16,800 while Ethereum was trading at $1,200. Among altcoins, Ripple is down to $0.35 while Dogecoin is holding around $0.07. Meanwhile, Cardano is consolidating at $0.26 while Polkadot remains at $4.6.
Price Slide Analysis: AVAX price remains below the moving average on the daily chart
Looking at the 24 hour candlestick chart, Avalanche price analysis suggests price is trying to recover from Friday’s pullback that pushed price down to $11.59, down 13%.
After spending most of last month in a bearish mood, the bulls are in a mixed mood on the token’s prospects. While the price has been rising over the last 24 hours and soared to $11.96, just below the $12 support, trading volume is down more than 38 percent, indicating a lack of market interest at current levels.
The price dipped below the crucial 9 and 21 day moving averages, along with the 50 day exponential moving average (EMA) at $12.66. Meanwhile, the 24-hour Relative Strength Index (RSI) appears to have risen to 37.81 but remains in the oversold area.
The current price decline is indicated by the Moving Average Convergent Divergence (MACD) curve which lies below the signal line to form a bearish divergence and indicates a sell signal.