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Avalanche Price Analysis: AVAX sets lower high at $62, continues to retrace

Avalanche analysis

TL;DR Breakdown

  • Avalanche price analysis is bearish today.
  • AVAX/USD set a new lower high at $62 over the weekend.
  • Next support at $50.

Avalanche price analysis is bearish today as a steady downside was seen over the last 24 hours after a clear lower high set on Saturday. Therefore, we expect AVAX/USD to continue lower later today and continue testing further downside.

Avalanche Price Analysis: AVAX sets lower high at $62, continues to retrace 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, lost 1.74 percent, while Ethereum was down by 1.55 percent. Meanwhile, Dogecoin (DOGE) traded against the overall market direction and gained almost 8 percent.

Avalanche price movement in the last 24 hours: Avalanche retraces to $55

AVAX/USD traded in a range of $53.55 – $58.28, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 49 percent and totals $373 million, while the total market cap trades around $12.2 billion, ranking the coin in 16th place overall.

AVAX/USD 4-hour chart: AVAX to move to $50 next?

On the 4-hour chart, we can see Avalanche price action still controlled by bearish momentum, likely leading to more downside later today.

Avalanche Price Analysis: AVAX sets lower high at $62, continues to retrace
AVAX/USD 4-hour chart. Source: TradingView

Avalanche price action has seen strong bearish momentum so far in October. After peaking around $79.8 at the end of September, AVAX/USD failed to reach further highs over the following week, resulting in a clear lower high set at $73.5 on the 2nd of October.

Since then, Avalanche has lost more than 30 percent to the $52 current swing low, which was set on the 12th of October. Over the past week, a retracement higher was seen, leading to a retest of $59 previous local swing low as a resistance.

After a brief spike to $62 on Saturday, a clear reversal followed, leading the Avalanche price lower over the last 24 hours. Overall, AVAX/USD should continue lower later today, with the $50 mark as the next major downside target.

Avalanche Price Analysis: Conclusion 

Avalanche price analysis is bearish today as a steady drop was seen overnight. Therefore, we expect AVAX/USD to see further downside later today and likely move past the $55 mark next.

While waiting for Avalanche to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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.

joel

joel

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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