Avalanche price analysis presents a bearish reading from over the past 24 hours, as price struggled to break out past the $12 support. The 13 percent drop that came about on December 16 took price down to $11.59, before the token settled around the current price level at $11.96. Previously, AVAX had formed a support region around the $13 mark, having stayed in the region for most of November after initially declining from a high of $19.78. With the persistent bearish state of market, the next low at $9 remains a distinct possibility for AVAX.
The larger cryptocurrency market recorded minor increments, after initially receding into the red zone during the day’s trade. Bitcoin moved below the $17,000 mark to settle around $16,800, while Ethereum set price at the $1,200 mark. Among Altcoins, Ripple dropped to $0.35, while Dogecoin remained around the $0.07 mark. Meanwhile, Cardano consolidated at the $0.26 point, as Polkadot remained at $4.6.
Avalanche price analysis: AVAX price remains below moving averages on daily chart
On the 24-hour candlestick chart, Avalanche price analysis shows price attempting to recover from Friday’s setback that pushed price down to $11.59 in a 13 percent decrement. Having spent most of the past month in a bearish state, bulls are in a vary state regarding the prospects of the token. While price over the past 24 hours recovered to move up to $11.96, just below the $12 support, trading volume fell more than 38 percent to indicate lack of market interest at current state.
Price has fallen 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) looks to be picking up at 37.81, but remains in the oversold region. The current price dip is characterised by the moving average convergence divergence (MACD) curve, that sits below the signal line to form a bearish divergence and indicate a selling signal.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-12-18/