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Avalanche Price Analysis: AVAX bounces back from a downtrend at $55, reversal on the sides

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TL;DR Breakdown

  • Avalanche price analysis indicates bearishness on the daily chart.
  • AVAX/USD rallied back to previous support.
  • Bearish momentum is likely to reverse Avalanche today.

The Avalanche price analysis is bearish today, as the firm support previously reached after a strong surge earlier today has been exceeded. As a result, we anticipate AVAX/USD to reverse and fall further later today, along with the overall bearish momentum.

Avalanche price analysis
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.87 percent. Ethereum gained 5.33 percent, becoming the top performer on the daily chart. 

Avalanche price movement in the last 24 hours: Avalanche looking to retest previous support at $59 as resistance

AVAX/USD was last seen trading between $54.73 and $56.59, demonstrating a large degree of volatility in the previous 24 hours. Trading volume has decreased by 22.4%, with transactions totaling $560.9 million, while the overall market capitalization is around $12.72 billion, placing it 14th among all cryptocurrencies.

AVAX/USD 4-hour chart: AVAX to reverse today?

On the four-hour chart, we may observe Avalanche price action approaching a significant barrier, which is likely to result in a reversal later today.

Avalanche Price Analysis: AVAX bounces back from a downtrend at $55, reversal on the sides 1

AVAX/USD 4-hour chart. Source: TradingView

After a strong rise over the second half of September, price action in the Avalanche has fallen back with bearish momentum. Over the past two weeks, several lower lows and highs have been established, pushing AVAX/USD to its current low of $51.

The price of Bitcoin is presently retracing higher, with bulls eyeing another higher low. The previous support at $59 will most likely be tested, and the value will fall further.

If AVAX/USD breaks through the resistance, we could see a significant rise later this week, suggesting that a big reversal to the upside is on the cards. We remain bearish for the Avalanche price and expect it to fall below $50 next.

Avalanche Price Analysis: Conclusion 

Today’s price analysis for the Avalanche is bearish, as a crucial barrier was encountered during the previous 24 hours. As a result, AVAX/USD will most likely reverse over the next 24 hours and look to test the $50 support.

While waiting for Avalanche to move further, read our guides on the Best NFT marketplaces, NFT history, and development, as well as NFT Music

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.

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