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Avalanche Price Analysis: AVAX sets a new all-time high at $75, a retracement to follow?

Avalanche Price analysis

TL;DR Breakdown

  • Avalanche price analysis is bearish for today.
  • AVAX set a new all-time high at $75.
  • Bears start to reverse the market price.

Avalanche price analysis is bearish for today as a new all-time high at $75 was set this morning, and selling pressure starts to show up. Therefore, AVAX/USD will likely retrace later today and look to establish a higher low over the weekend.

Avalanche Price Analysis: AVAX sets a new all-time high at $75, a retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 1.85 percent, while Ethereum has gained 0.31 percent. Meanwhile, Avalanche (AVAX) is the best performer, with more than 16 percent gain.

Avalanche price movement in the last 24 hours: Avalanche sets new all-time high at $75

AVAX/USD traded in a range of $60.92 – $75.32, indicating strong volatility over the last 24 hours. Trading volume has increased by 2.69 percent and totals $2.53 billion, while the total market cap trades around $15.77 billion, ranking the coin in 15th place overall.

AVAX/USD 4-hour chart: AVAX set to retrace? 

On the 4-hour chart, we can see the Avalanche price losing its momentum as bears likely start a retracement.

Avalanche Price Analysis: AVAX sets a new all-time high at $75, a retracement to follow?
AVAX/USD 4-hour chart. Source: TradingView

Avalanche price action has seen strong bullish momentum over the past weeks. After a strong move lower on the 7th of September, with support found at $33, AVAX started heading higher.

Previous resistance around $50 was broken on the 11th of September, with further upside seen until $65. From there, another retracement of more than 20 percent was seen early this week, with the $50 previous resistance retested as support.

Since a clear higher low was set, further upside followed. At first, the Avalanche price moved to $68, and, after a small retracement, another push higher was seen over the last 24 hours, with the $75 set as the new all-time high earlier today.

Avalanche Price Analysis: Conclusion 

Avalanche price analysis is bearish for today as a new higher high was set around the $75 mark, and profit-taking began. Therefore, we expect AVAX/USD to retrace over the next 24 hours and look to set another higher low.

While waiting for Avalanche to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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