TL;DR Breakdown
. Avalanche price moved up to $21.59 today . Price remains bullish since Feb 17 uptrend . Reaching upward resistance at $21 could spell correction
Avalanche price analysis remains bullish, as price claimed the $21 resistance point over the past 24 hours to move up to $21.59, before settling at the $21 mark. AVAX has been trending upwards since February 17, rising from $18.27 to the current high. While price remains bullish currently, a correction could follow at the current point after hitting the resistance mark. Avalanche market capitalisation increased up to $6,646,951,873 with the token retaining 15th position in the cryptocurrency market.
The larger cryptocurrency market went into decline over the past 24 hours, led by Bitcoin’s 2 percent demise down to $24,400, similar to Ethereum’s move down to $1,600. Among leading Altcoins, Ripple dropped to $0.39 with a 2 percent downtrend, whereas Dogecoin lowered 3 percent, the same as Cardano’s move down to $0.39. Meanwhile, Polkadot reduced to $7.2 with a 4 percent decrement.
Avalanche price analysis: Price boosts above moving averages on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming a distinct ascending triangle pattern since the current uptrend began on February 17. AVAX price has increased more than 20 percent since then to gain up to the $21 resistance. Due to the current bullish run, price also sits clear of the 9 and 21-day moving averages, and the important 50-day exponential moving average (EMA) at $20.12.
The 24-hour relative strength index (RSI) can be seen moving above the signal line with the current uptrend in place, indicating healthy market interest for AVAX. As the RSI crosses the 60 mark into the overbought region, price correction and short-term sell offs may come into place. The moving average convergence divergence (MACD) curve also shows a bullish divergence in place, with price expected to continue to test the $21 resistance over the coming 24 hours.
