- 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.
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 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.