- Avalanche price analysis is bearish.
- AVAX/USD set a higher high at $73.5 previous resistance.
- Market headed for a retracement today.
Avalanche price analysis is bearish today as a retracement is needed after a strong higher high was set earlier today at $73.5. Therefore, we expect AVAX/USD to move lower over the next 24 hours, with the closest support levels at $68 and $65.
The overall crypto market is still slightly in the green despite bearish momentum slowly taking over. The market leaders, Bitcoin and Ethereum, are both in the red, with a 2.08 and 0.02 percent loss. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of 16 percent.
Avalanche price movement in the last 24 hours: Avalanche sets new high at $73.5
AVAX/USD traded in a range of $66.36 – $72.88, indicating strong volatility over the last 24 hours. Trading volume has spiked by 74.73 percent and totals $886 million, while the total market cap trades around $15.2 billion, ranking the coin in 14th place overall.
AVAX/USD 4-hour chart: AVAX set to retest previous highs as support
On the 4-hour chart, we can see bearish momentum taking over the Avalanche price action as bulls are exhausted after a strong advance earlier today.
After a steady retracement continued at the beginning of October, Avalanche price action set a new major swing higher low at $52 on the 12th of October. From there, AVAX/USD set a higher low at $54 on the 18th of October, before starting to rapidly advance.
Over the following days, previous highs were broken, leading Avalanche to the $68 resistance. After a small retracement to $62, a higher low was set.
From there, Avalanche price action moved higher again, leading to the current high at $73.5 being set earlier today. However, bearish momentum has returned, meaning that we can expect AVAX/USD to retrace some of the gains before further upside is likely seen later this week.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bearish today as a retracement follows a strong higher high set at $73.5 earlier today. Therefore, we expect AVAX/USD to keep retracing, with the closest support at $68.
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