- Avalanche price analysis is bullish today.
- AVAX/USD found support at $80/
- AVAX is ready to move higher again after testing new all time high.
The $73.5 mark was a barrier to more downside yesterday, resulting in sluggish trading this morning above the support. We will most likely observe AVAX/USD rise today, with $86 as the price level to breach.
Cryptocurrency heat map. Source: Coin360
The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.19percent, while Ethereum 1.43 percent. Meanwhile, Binance Coin is the top performer, with a gain of more than 10 percent.
Avalanche price movement in the last 24 hours: Avalanche tests new support at $80
AVAX/USD traded in a range of $74.46 – $85.23, indicating substantial volatility over the last 24 hours. Trading volume has declined by 43.05 percent and totals $461.64 million, while the total market cap trades around $16.62 billion, ranking the coin in 13th place overall.
AVAX/USD 4-hour chart: AVAX ready to rally again?
AVAX coin’s price was relatively stable over the last 24 hours, trading in a range of $72.46 to $78.23. Over the previous day, there was significant volatility, with prices varying by nearly four percent. Trading volume has decreased by 43%, and totals $461.64 million, putting the market cap at around $16.62 billion.AVAX/USD 4-hour chart. Source: TradingView
Following the end of October, when a strong rally began, bearish momentum returned to the Avalanche price chart. AVAX/USD rose 35 percent from the previous low of $60 to the present high of $81, establishing a strong higher high.
Following a price rally from $60 to nearly $85, AVAX experienced a short-term correction that was followed by another test of the psychological round number of $100. The market then bounced back on Thursday, retreating back down to around its opening level of $73.5. Support was found, resulting in another surge for AVAX.
The slide from $82.6 to $72.7 was halted on Tuesday, resulting in a current consolidation above the support level at $73.5. Today’s rise might lead to further gains for Avalanche.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bearish because a new higher low has been established following a strong rejection for more downside. As a result, we expect AVAX/USD to start pushing up, with the $81 barrier broken.