Today’s price analysis of the Avalanche is bullish because we expect that the decline seen over the previous 24 hours has concluded with a higher low set at $91. As a result, AVAX/USD is going to rise later this week in order to maintain the overall several-week upswing.
According to the cryptocurrency heatmap by Coin360, the overall market is trading in the red zone. Bitcoin and Ethereum have lost 3.17% and 4.65% respectively. Ripple (XRP) and Binance Coin (BNB) are the worst losers of the day after dropping by more than 5%.
AVAX was one of the top-performing cryptocurrencies on Monday, climbing by more than 10% against the USD after a record-breaking session. The cryptocurrency traded between $83.00 and $99.69 during this time, indicating significant volatility over the previous 24 hours. Trading volume has grown by 11 per cent to $1.337 billion.
We can see the rejection of further downsides on the 4-hour chart, which is most likely to lead to a rise later today.
The price of Avalanche has been steadily increasing since the beginning of November. After establishing a high of $97 last week, the price rallied again to $101 this week, resulting in a new high at $100.
On the 15th of November, after trading sideways for several days, there was another brief surge higher, which suggested that the pair had failed to extend any further. On account of this, late yesterday saw a fast retracement begin, swiftly returning most of the profit made last week.
However, as AVAX/USD approached $83.5 today, rejection for further declines was evident earlier today. The Avalanche price movement is probably ready to reverse, signalling a possible reversal ahead of the end of the week.
Today’s Avalanche price action is favourable, as we’ve seen a rejection for additional downside over the previous hours after a large selloff. As a result, we expect AVAX/USD to rally higher, most likely resulting in further highs set by the end of the week.
This post was last modified on November 17, 2021 5:48 am
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