TL;DR Breakdown
- Avalanche price analysis is bullish today.
- AVAX/USD has lost 20 percent since yesterday.
- Further downside currently rejected above $100.
Avalanche price analysis is bullish today as we saw rejection for further downside over the last hours after a spike to the $100 mark. Therefore, AVAX/USD is ready to recover some of the loss over the next 24 hours.
The overall cryptocurrency market has seen strong selling pressure over the last 24 hours. Bitcoin has lost 6.95 percent, while Ethereum 8.11 percent. Meanwhile, Avalanche (AVAX) is among the worst performers, with a loss of over 13 percent.
Avalanche price movement in the last 24 hours: Avalanche drops below previous low, finds support above $100
AVAX/USD traded in a range of $102.03 – $129.52, indicating strong volatility over the last 24 hours. Trading volume has declined by 28.32 percent, totaling $1.75 billion, while the total market cap trades around $24.58 billion, ranking the coin in 11th place overall.
AVAX/USD 4-hour chart: AVAX starts to regain loss?
On the 4-hour chart, we can see an upsurge over the last hours for the Avalanche price as the bottom has been found above the $100 mark.
Avalanche price has seen bearish momentum return this week. After a strong rally earlier in November, a new all-time high was reached at $147 on the 21st of November.
However, after another attempt to push higher on Monday, AVAX/USD set a lower low as it peaked at around $144. From there, a strong initial drop followed to $113. After retracing some of the loss, the $130 previous support was retested as resistance.
The market did not trade there for long as a second strong push lower began Yesterday, leading the Avalanche price action to further lows overnight. Selling pressure continued during the first half of Today, with buyers finally showing up around the $112 mark.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bullish today as we expect recovery to follow after a strong drop earlier today. Since AVAX/USD saw a reaction higher above $100 over the past hours, we assume a new low has been set, opening the way for AVAX to retrace.
While waiting for Avalanche to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
