- Avalanche price analysis is bullish today.
- AVAX/USD consolidates above $65.
- Closest resistance at $73.5.
As bearish momentum wanes, the consolidation above $65 overnight reflects this, making it favorable for an Avalanche price advance. As a result, we anticipate that AVAX/USD will rise further over the next 24 hours.
Cryptocurrency heat map. Source: Coin360
The market was in a mixed mood over the previous 24 hours. Bitcoin rose 5.38%, while Ethereum increased by 1.02%, making it the market leader. Meanwhile, Shiba Inu (SHIB) continues to lead the pack, having risen more than 70% since its low of December 17th.
Avalanche price movement in the last 24 hours: Avalanche still holds above $65
AVAX/USD has been trading in a range of $57.00 – $60.91 since Friday, suggesting moderate volatility over the previous 24 hours. The total market capitalization is currently about $14 billion, placing it in 13th place globally.
AVAX/USD 4-hour chart: AVAX set to move higher next?
On the 4-hour chart, we may observe the Avalanche price beginning to rebound above $65, which implies that additional gains are ahead.
AVAX/USD 4-hour chart. Source: TradingView
The price of an Avalanche has been moving in a strong upward trend recently. However, towards the end of September, after AVAX/USD established a new peak at $79.80, there was a slow retreat.
The drop was halted after the $65 level, with AVAX moving sideways for several days afterward. Some encouraging signals can be observed; with a somewhat higher low set yesterday as the $65 support line prevented further declines.
Overall, the recent price action in the Avalance market is likely to lead to a further upside later this week. The overall market structure remains optimistic as long as the $65 level is maintained.
Avalanche Price Analysis: Conclusion
Today’s price analysis for the Avalanche is bullish, as a new higher low has been established around $65. As a result, we anticipate AVAX/USD to rally further today and perhaps revisit the previous swing high of $73.5 this coming week.