Avalanche price analysis: AVAX looks to gain back up to $17

Avalanche price analysis shows the downward descent seems to have held, with price picking up some positive momentum just below the $17 mark. AVAX dropped as low as $16.52 yesterday, after declining more than 25 percent since last week from a month-long high of $21.52. Price currently sits just under the $17 mark after increasing more than 2 percent, and could form a comeback up to the $20 mark over the current trend. Avalanche currently has a market cap of $5,545,789,505 and possesses the 16th rant in the cryptocurrency market.

Avalanche price analysis: AVAX continues to remain below moving averages on daily chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming a stabilising trend over the past 24-48 hours, after recording successive downward candlesticks since April 19. In that mean, price dropped from $21.52 to $16.5, which has seen some form of correction with AVAX moving back up to the $17 mark. However, price still remains well below the moving averages on the daily chart, as well as the important 50-day exponential moving average (EMA) at $17.82.

The 24-hour relative strength index (RSI) continues to show low market valuation for AVAX, sitting at a lowly 42.28. Market valuation for Avalanche is expected to remain low as price gradually continues to enhance upwards with traders currently on the fence. The moving average convergence divergence (MACD) curve also continues to depict a bearish divergence, with the trend line continually sitting below the signal line.