- Avalanche price analysis is bullish today.
- AVAX/USD drops to $80.
- Reaction higher seen overnight.
Avalanche price analysis is bullish today as we expect a retracement to follow after another quick drop of 10 percent was seen yesterday. AVAX/USD found support at $80 and has moved into a retracement since, which should continue later today.
The cryptocurrency market has seen bearish momentum return over the last 24 hours. Both Bitcoin and Ethereum are in the red, with a loss of 0.2 and 2.95 percent. Avalanche (AVAX) walls in between, with a loss of 1.66 percent.
Avalanche price movement in the last 24 hours: Avalanche fails to move past $90, drops to $80
AVAX/USD traded in a range of $79.61 – $87.27, indicating strong volatility over the last 24 hours. Trading volume has increased by 8.93 percent, totaling $980.43 million, while the total market cap trades around $20.87 billion, ranking the coin in 11th place overall.
AVAX/USD 4-hour chart: AVAX looks to retest previous support?
On the 4-hour chart, we can see the Avalanche price retracing today as bears are finally exhausted, likely leading to previous lows around $86 retested as resistance.
Avalanche price action has seen several days of decline this week. After a strong push higher at the beginning of the month, AVAX/USD peaked at $117.4 on the 2nd of January.
From there, the selloff began, with a sharp drop to $90 by the 5th of January. More downside was tested later in the week until a spike to $80 yesterday.
Overnight, the Avalanche price action retraced some of the loss, moving to the $85 mark, where local support was seen earlier. However, considering how much AVAX/USD has lost over the last week, we expect more upside to follow over the next 24 hours.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bullish today as we expect the market sellers to be exhausted after another drop yesterday. Likely AVAX/USD will move to retest previous lows as resistance today before another test of downside.