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Avalanche Price Analysis: AVAX retests previous high around $81 as support, ready to continue higher?

Avalanche Price analysis

TL;DR Breakdown

  • Avalanche price analysis is bullish today.
  • AVAX/USD spiked to $78 overnight.
  • Bullish momentum returned this morning.

Avalanche price analysis is bullish today as a higher low has been set around $80 after a strong spike lower. Since rejection higher followed shortly after, we assume AVAX/USD is ready to continue higher.

Avalanche Price Analysis: AVAX retests previous high around $81 as support, ready to continue higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with bearish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, lost 4.59 and 1.81 percent, respectively. Meanwhile, Hex (HEX) is the top performer, with a gain of over 9 percent.

Avalanche price movement in the last 24 hours: Avalanche rejects further downside at $78, moves back towards previous lows

AVAX/USD traded in a range of $78.65 – $91.60, indicating strong volatility over the last 24 hours. Trading volume has increased by 13.3 percent and totals $1.1 billion, while the total market cap trades around $19.37 billion, ranking the coin in 13th place overall.

AVAX/USD 4-hour chart: AVAX rebounds after a spike to $78

On the 4-hour chart, we can see bullish momentum returning this morning, likely leading the Avalanche price action higher later today.

Avalanche Price Analysis: AVAX retests previous high around $81 as support, ready to continue higher?
AVAX/USD 4-hour chart. Source: TradingView

Avalanche price action has seen strong bullish momentum since the start of November. After breaking above the previous monthly high at $73.5, AVAX/USD peaked at $81.

From there, the $73.5 resistance was retested as support, establishing a base from which to move higher. On the 7th of November, another strong spike higher followed, eventually leading Avalanche to another strong higher high set at $97.

Since then, we saw a steady decline until the market dropped towards previous highs at $81. Quick recovery followed this morning, leading AVAX/USD back above the $85 mark. Likely we will see the Avalanche price action continue higher over the next 24 hours as the momentum is still strong.

Avalanche Price Analysis: Conclusion 

Avalanche price analysis is bullish today as a strong higher low was briefly set below $80 overnight. Since a quick reaction higher followed, we assume AVAX/USD is ready to continue higher.

While waiting for Avalanche to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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