- Avalanche price analysis is bearish today.
- AVAX/USD rallied back to previous support.
- Bearish momentum is likely to reverse Avalanche today.
Avalanche price analysis is bearish today as strong previous support has been reached after a strong rally earlier today. Therefore, we expect AVAX/USD to reverse and continue lower later today along with the overall bearish momentum.
The overall market traded in the green over the last 24 hours with Bitcoin up by 4.78 percent. Meanwhile, Ethereum is up by 8 percent, while Polkadot (DOT) leads the market with a gain of almost 18 percent.
Avalanche price movement in the last 24 hours: Avalanche looking to retest previous support at $59 as resistance
AVAX/USD traded in a range of $53.33 – $58.19, indicating substantial volatility over the last 24 hours. Trading volume has declined by 22.4 percent and totals $560.9 million, while the total market cap trades around $12.72 billion, ranking the coin in 14th place overall.
AVAX/USD 4-hour chart: AVAX to reverse today?
On the 4-hour chart, we can see Avalanche price action approaching a strong resistance area, likely resulting in a reversal later today.
Avalanche price action has seen bearish momentum return so far in October after a strong increase over the second half of September. Over the past two weeks, several lower lows and highs have been set, leading AVAX/USD to the $51 current low.
Currently, Avalanche retraces higher as bulls look to set another higher low. Likely resistance will be found at the previous support at $59, and another push lower will follow.
Alternatively, if AVAX/USD breaks above the resistance, we could see a further upside, indicating that a major reversal to the upside might be in play later this week. However, until then, we remain bearish for the Avalanche price and expect it to decline to the $50 mark next.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bearish today as a strong resistance area was reached over the last 24 hours. Therefore, AVAX/USD will likely reverse over the next 24 hours and look to test the $50 support next.
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