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Avalanche Price Analysis: AVAX sets a higher low at $91 after overnight rally

TL;DR Breakdown

  • Avalanche price analysis is bullish today.
  • AVAX/USD saw heavy buying over the last 24 hours.
  • Support at $90 found over the last hours.

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.

Cryptocurrency heat map. Source: Coin360

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%.

Avalanche price movement in the last 24 hours: Avalanche sees heavy buying, resulting to a daily high near ATH

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.

AVAX/USD 4-hour chart: AVAX ready to reclaim loss?

We can see the rejection of further downsides on the 4-hour chart, which is most likely to lead to a rise later today.

AVAX/USD 4-hour chart. Source: TradingView

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.

Avalanche Price Analysis: Conclusion

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.

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.

This post was last modified on November 17, 2021 5:48 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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