Avalanche price analysis shows some positive momentum building on the daily outlook, after price rose around 3 percent over the past 24 hours. Previously, AVAX price had fallen as low as $10.56, the lowest point in over 2 months. Price faces the $11.30 point as the most immediate resistance point and a meaningful increment could materialise once this zone is cleared. Price fell from $13.28 on December 16 and has since largely been in decline. The 3 percent increase today helped price pull up to $11.18.
The larger cryptocurrency market turned green overnight, with major cryptocurrencies recording minor increments. Bitcoin rose up to $16,700, while Ethereum moved past the $1,200 mark with a 1 percent increase. Among leading Altcoins, Ripple rose 3 percent to move up to $0.35, whereas Cardano jumped 2 percent in moving up to $0.25. Meanwhile, Dogecoin made a 2 percent rise as well, moving up to $0.07, and Polkadot jumped 3 percent in moving as high as $4.50.
Avalanche price analysis: RSI moves up on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen moving in a horizontal pattern since December 16, when price receded more than 13 percent in a single day. Over the past 24 hours, the slight upturn has kindled bulls’ hopes of a move upwards, but price remains below the 9 and 21-day moving averages, and the crucial 50-day exponential moving average (EMA) at just above $11.17.
The 24-hour relative strength index (RSI) can be seen moving upwards with the price increment today, but remains in the oversold region in the 30’s. With the price increase over the past 24 hours, Avalanche trading volume also rose more than 41 percent, indicating an active buying trend in the market. Moreover, the moving average convergence divergence (MACD) curve also shows a slight bullish divergence in place, however the trend line remains below the signal line at the time of writing. Over the next 24 hours, AVAX is set to test the $11.30 resistance and further price movement would be determined thereafter.
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