- Avalanche price analysis is bullish today.
- AVAX/USD saw another rejection for further downside at the $65 support.
- Avalanche is set to reverse later today.
Avalanche price analysis is bullish today as the $65 support got retested again today after a steady decline over the last 24 hours. Therefore, we expect AVAX/USD to reverse over the next 24 hours and look to rally again.
The crypto market traded with a bearish momentum over the last 24 hours. The market leader, Bitcoin, lost 0.2 percent, while Ethereum lost 2.72 percent. Meanwhile, Terra (LUNA) is among the best performers, with a gain of 11 percent.
Avalanche price movement in the last 24 hours: Avalanche retests $65 again
AVAX/USD traded in a range of $64.00 – $70.81, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 31.89 percent and totals $941.5 million, while the total market cap trades around $14.5 billion, ranking the coin in 13th place overall.
AVAX/USD 4-hour chart: AVAX set to rally further?
On the 4-hour chart, we can see the Avalanche price action rejecting further downside at $65, indicating more upside will follow.
Avalanche price action has seen strong bullish momentum over the past weeks. From the last major swing low of $33, AVAX/USD has gained more than 130 percent, with the current swing high set at $79.80.
However, AVAX has seen consolidation sideways around the $62-70 price area over the past week, indicating indecision in the market. Over the weekend, some bullish momentum returned, slowly leading Avalanche price above $70 again.
From there, a slight retracement was seen over the past 24 hours, with a higher low currently set above $65. Overall, this price action development indicates that AVAX will see further upside over the next 24 hours.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bullish as any further downside was rejected at the $65 support earlier today, indicating buyers returning to the market. Therefore, we expect AVAX/USD to continue higher over the next 24 hours, with the next target at $75.
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