- Avalanche price analysis is bullish today.
- AVAX/USD consolidates above $65.
- Closest resistance at $73.5.
Avalanche price analysis is bullish today as bearish momentum has been exhausted, as reflected in the consolidation above $65 overnight. Therefore, we expect AVAX/USD to rally higher again over the next 24 hours.
The overall market traded mostly in the green over the last 24 hours, with Bitcoin leading the way as it gained 5.38 percent. Meanwhile, Ethereum has gained 2.43 percent, with the rest of the top altcoin following.
Avalanche price movement in the last 24 hours: Avalanche still holds above $65
AVAX/USD traded in a range of $64.00 – $67.91, indicating mild volatility over the last 24 hours. Trading volume has increased by 2.22 percent and totals $915.7 billion, while the total market cap trades around $14.45 billion, ranking the coin in 13th place overall.
AVAX/USD 4-hour chart: AVAX set to move higher next?
On the 4-hour chart, we can see the Avalanche price starting to reverse above the $65 support, indicating further upside will follow.
Avalanche price action has traded in a strong bullish momentum over the past weeks. However, after AVAX/USD set a new higher high at $79.80, a slow retracement began at the end of September.
Support was ultimately found around $61.50, with AVAX moving sideways for several days from there. Some bullish signs can be seen, with a slightly higher low set yesterday as the $65 support prevented further downside.
Overall, this Avalanche price action development should lead towards further upside later this week. As long as the $65 mark holds, the overall market structure remains bullish.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bullish today as a new higher low has been established around $65. Therefore, we expect AVAX/USD to continue higher later today and look to reach the previous swing high at $73.5 later this week.
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