Avalanche price analysis shows a strong price signal suggested by price movement over the past 24 hours. AVAX moved up to $18.19, increasing more than 4 percent before settling at current price level of $17.76. Since January 19, Avalanche price has moved up from $15.68 to rise above the $18 resistance mark. With the current positive run in place, the next resistance is set to be faced at the $19 price point. However, price could retest before bulls push up to that mark.
The larger cryptocurrency market showed increments across the board for all major cryptocurrencies, as Bitcoin moved up to $22,900 with a 2 percent increase. Ethereum followed suit, rising up to $1,600, whereas leading Altcoins also mimicked the uptrend. Ripple rose 8 percent to $0.43, while Dogecoin moved up by 1 percent in staying at $0.08. Meanwhile Cardano settled at $0.37, and Polkadot jumped 9 percent to move as high as $6.71.
Avalanche price analysis: Cryptocurrency heat map. Source: Coin360
Avalanche price analysis: RSI stays in overbought zone to hint at expected price correction
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen moving upwards over the past 24-48 hours, rejecting a potential price correction on January 21. Since then, AVAX has moved up to $18.19, moving above the 9 and 21-day moving averages, along with the important 50-day exponential moving average (EMA) at $16.76. Trading volume over the past 24 hours could be seen dropping over 20 percent, suggesting price could be up for a correction on the daily chart.
The 24-hour relative strength index (RSI) suggests the same, after extending into the oversold zone above the 70 mark. Meanwhile, the moving average convergence divergence (MACD) curve continues to show a bullish divergence in place with the trend line keeping above the signal line.
Avalanche price analysis: 24-hour chart. Source: Trading View
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