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Avalanche Price Analysis: AVAX sets a strong higher high at $73.5, a retracement to follow?

Avalanche Price analysis

TL;DR Breakdown

  • 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.

Avalanche Price Analysis: AVAX sets a strong higher high at $73.5, a retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

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.

Avalanche Price Analysis: AVAX sets a strong higher high at $73.5, a retracement to follow?
AVAX/USD 4-hour chart. Source: TradingView

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.

While waiting for Avalanche to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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