TL;DR Breakdown
- Avalanche price analysis indicates bullishness.
- AVAX/USD retested a previous high today.
- AVAX is currently trading at $66.3.
The market is close to the prior swing high of $73, and today’s Avalanche price analysis is bullish. We anticipate even greater gains later today as long as AVAX/USD can keep up its momentum, with a new high possible if it does so.
The price analysis for the Avalanche is bullish, with the market establishing a new higher low and beginning to advance back towards its all-time high. As a result, we expect AVAX/USD to rise even more during the next 24 hours, possibly breaching the $75 previous all-time high.
The last 2 days’ price action shows no signs of bearish continuation, usually when the price moves below the 50EMA, breaking it consecutively on the four-hour and daily price chart charts. This fact helps reinforce our belief that AVAX/USD will continue moving higher during tonight.
Avalanche price movement in the last 24 hours: Avalanche rally eyes $70 range
AVX/USD has been trading in a range of $52.01 to $65.14 for the last 24 hours, suggesting considerable volatility over the period. The total trade volume has increased by 115.54 percent and is now at $2.13 billion, while the overall market capitalization is about $14.12 billion, according to CoinMarketCap data.
The market has seen the AVX/USD pair retesting a previous swing high of $73.13, marking the top of its current trading range. The last time this price was seen on AVAX/USD was May 4; this level will likely act as significant resistance again on the next leg up.
Despite this, it is important to note that AVAX/USD is still trading above 50EMA and 100 EMA, which seem to be shifting upwards in unison with each other. This suggests that the AVX/USD market will probably see further gains in the next few hours, potentially achieving a new high later today.
AVAX/USD 4-hour chart: AVAX set to break $70?
On the 4-hour chart, we can observe the Avalanche price action attempting to break past the swing high of $65.
AVX/USD was relatively range-bound in the $64.55 – $68.67 region, with a trading volume of $2.1 billion. The market eventually tested the $80 support level on June 13th and was rejected, leading to a drop. The price fell below the 50EMA and until it met resistance at $76.99, where it found buyers that managed to recoup most of the losses before moving higher again.
While the 100EMA is acting as resistance, it seems likely that AVAX/USD will break past $67.5 and go straight for $69 (the 50EMA).
This comes after the market had established a new higher low at $53.97 on June 12th. The next few hours of trading should determine whether or not Avalanche bulls will break the $69 resistance and reach a new all-time high.
The previous swing high of $65 was re-established over the previous several days. After a few-day consolidation, a higher low was established there. The price of the Avalanche began to rise again late yesterday, resulting in the prior swing high of $65 in recent hours.
Avalanche Price Analysis: Conclusion
For today, the price of the Avalanche has been trading within a range from $64 to $68.
The chart reveals that Avalanche has established a new higher low and is now advancing back towards its previous all-time high of $73.13 in the coming hours. A new all-time high seems very likely at this point, with that possibility growing even more if AVAX/USD manages to break past $75 and establish a new swing high.
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.
