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Avalanche Price Analysis: AVAX rallies back to $58-$59 previous support, reversal to follow?

Avalanche analysis

TL;DR Breakdown

  • Avalanche price analysis is bearish today.
  • AVAX/USD rallied back to previous support.
  • Bearish momentum is likely to reverse Avalanche today.

Avalanche price analysis is bearish today as strong previous support has been reached after a strong rally earlier today. Therefore, we expect AVAX/USD to reverse and continue lower later today along with the overall bearish momentum.

Avalanche Price Analysis: AVAX rallies back to $58-$59 previous support, reversal to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the green over the last 24 hours with Bitcoin up by 4.78 percent. Meanwhile, Ethereum is up by 8 percent, while Polkadot (DOT) leads the market with a gain of almost 18 percent.

Avalanche price movement in the last 24 hours: Avalanche looking to retest previous support at $59 as resistance

AVAX/USD traded in a range of $53.33 – $58.19, indicating substantial volatility over the last 24 hours. Trading volume has declined by 22.4 percent and totals $560.9 million, while the total market cap trades around $12.72 billion, ranking the coin in 14th place overall.

AVAX/USD 4-hour chart: AVAX to reverse today?

On the 4-hour chart, we can see Avalanche price action approaching a strong resistance area, likely resulting in a reversal later today.

Avalanche Price Analysis: AVAX rallies back to $58-$59 previous support, reversal to follow?
AVAX/USD 4-hour chart. Source: TradingView

Avalanche price action has seen bearish momentum return so far in October after a strong increase over the second half of September. Over the past two weeks, several lower lows and highs have been set, leading AVAX/USD to the $51 current low.

Currently, Avalanche retraces higher as bulls look to set another higher low. Likely resistance will be found at the previous support at $59, and another push lower will follow.

Alternatively, if AVAX/USD breaks above the resistance, we could see a further upside, indicating that a major reversal to the upside might be in play later this week. However, until then, we remain bearish for the Avalanche price and expect it to decline to the $50 mark next.

Avalanche Price Analysis: Conclusion 

Avalanche price analysis is bearish today as a strong resistance area was reached over the last 24 hours. Therefore, AVAX/USD will likely reverse over the next 24 hours and look to test the $50 support next.

While waiting for Avalanche to move further, read our guides on the Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.

Richard Adrian

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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