Thursday, May 23, 2024

Avalanche Downtrends After Reaching Highs of $18.

After reaching the high of $18 last week, Avalanche has been on a downtrend. It dropped 0.54% in the last 24 hours and is currently trading at $16.88. Avalanche gained 36.85% in the past seven days. This reflects high volatility in its price action.

AVAX price rose from the low of $10 on January 2 to a massive 72% uptrend. But analysts believe the current price correction could initiate a downtrend that could send price deviation to $14. The altcoin’s price analysis, as per the 24-hour candlestick chart, changed trends. An Evening Star pattern has appeared. It shows high price volatility with persistent selling pressure.

Avalanche has undergone a price correction after it reached the high of $18.54. But the moving averages remain well below the current price zone along with the crucial 50-day exponential moving average (EMA) at $15.28. Data charts show the 24-hour relative strength index trending horizontally after seeing a peak overbought region at 78.69. It will settle below the current level at 62.32.

Currently, the moving average convergence divergence (MACD) shows a continued bullish divergence in place with the trend line above the signal line. The trading volume, over the last 24 hours, dropped almost 14%.

All for the test.

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