- Avalanche price analysis is bullish today.
- AVAX/USD saw heavy selling over the last 24 hours.
- Support at $83.5 found over the last hours.
Avalanche price analysis is bullish today as we expect taht the drop seen over the last 24 hours has ended with a higher low set at $83.5. Therefore, AVAX/USD is ready to move higher later this week to continue the overall several-week bullish momentum.
The cryptocurrency market traded in the red over the last 24 hours. Bitcoin declined by 7.61 percent, while Ethereum 9.61 percent. The rest of the market followed the majors with a similar heavy selloff.
Avalanche price movement in the last 24 hours: Avalanche sees heavy selling, leading to a spike to $83.5
AVAX/USD traded in a range of $84.00 – $99.69, indicating strong volatility over the last 24 hours. Trading volume has increased by 11 percent, totaling $1.337 billion, while the total market cap trades around $19.6 billion, ranking the coin in 12th place overall.
AVAX/USD 4-hour chart: AVAX ready to reclaim loss?
On the 4-hour chart, we see rejection for further downside for the Avalanche price action over the past hours, likely leading to a move higher later today.
Avalanche price action has seen steady growth since the start of November. After reaching the $97 mark, another higher low was set around $81 last week, leading to a higher high set at $100.
Another brief spike higher followed on the 15th of November, indicating a failure to reach more upside. Rapid retracement started late yesterday as a result, quickly reclaiming most of the gain seen last week.
However, as AVAX/USD approached $83.5, rejection for further downside was clearly seen earlier today. The Avalanche price action is likely ready to reverse, preparing for further higher highs to be reached by the end of the week.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bullish today as we have seen rejection for further downside over the past hours after a heavy selloff. Therefore, we expect AVAX/USD is ready to rally higher, likely leading to further higher highs set by the end of the week.