- 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.
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 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.