Ethereum
$ 1,229.17 1.13%
Solana
$ 41.03 0.90%
Dogecoin
$ 0.077159 9.25%
ApeCoin
$ 4.92 5.09%
Bitcoin
$ 21,431.00 0.09%
BNB
$ 240.25 0.04%

Avalanche price analysis: AVAX continues lower, targets $65 major support next? 

Avalanche Price analysis

TL;DR Breakdown

  • Avalanche price analysis is bearish today.
  • AVAX/USD retraced to $70 overnight.
  • More selling resumed during the day.

Avalanche price analysis is bearish today as we have seen a strong break below the $70 support followed by a retest as resistance. AVAX/USD is expected to continue even lower, with the next major support at the $65 level.

Avalanche price analysis: AVAX continues lower, targets $65 major support next?  1
Cryptocurrency heat map. Source: Coin360

The market has moved in the red zone over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 0.38 and 1.13 percent, while the rest of the top altcoins follow closely.

Avalanche price movement in the last 24 hours: Avalanche retests $70 as resistance, continues lower

AVAX/USD traded in a range of $66.82 – $71.41, indicating substantial volatility over the last 24 hours. Trading volume has spiked by 106 percent, totaling $1.2 billion, while the total market cap trades around $17.84 billion, placing the coin in 11th place overall.

AVAX/USD 4-hour chart: AVAX ready to break $65?

On the 4-hour chart, we can see the Avalanche price action rapidly declining once more, likely leading to the next major support at $65 soon.

Avalanche price analysis: AVAX continues lower, targets $65 major support next?
AVAX/USD 4-hour chart. Source: TradingView

Avalanche price action has endured a strong decline over the past weeks. From the last spike to $80 on the 9th of March, AVAX/USD has lost around 17 percent, indicating strong bearish momentum in a couple of days.

Previously, it set support at the $70 mark. However, this time, it offered little respite as the bears broke through the level yesterday with only a slight lull in the overall momentum.

Since then, a new lower low has already been set just below $67. A quick retest of the $70 support turned resistance was seen overnight, eventually leading back to more selling. 

Therefore, the market is ready to continue even lower later today. We may see the next major support at $65 tested over the coming days. If the support does not hold, we could see a lot more downside quickly.

Avalanche price analysis: Conclusion 

Avalanche price analysis is bearish today as we have seen more downside tested late yesterday. Overnight, AVAX/USD retested previous support as resistance before more selling continued during the day, indicating more downside to come.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

Ripple price analysis: XRP/USD set to break above $0.54 overnight
Could You Become A Millionaire By Adding These Cryptocurrencies To Your Portfolio - Polkadot (DOT), And Logarithmic Finance (LOG)
Shiba Inu price analysis: SHIB continues to rise with $0.00001350 in sight
Ethereum price analysis: ETH swiftly breaks $1,250, strong upside next week?
The Crypto Coins That Will Make a strong Impact In 2023: CashFi (CFI), Polkadot (DOT), and Huobi Token (HT)

Follow Us

Industry News

Anonymous plans to bring Do Kwon to justice
Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27