- Avalanche price analysis is bearish for today.
- AVAX set a new all-time high at $75.
- Bears start to reverse the market price.
Avalanche price analysis is bearish for today as a new all-time high at $75 was set this morning, and selling pressure starts to show up. Therefore, AVAX/USD will likely retrace later today and look to establish a higher low over the weekend.
The overall market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 1.85 percent, while Ethereum has gained 0.31 percent. Meanwhile, Avalanche (AVAX) is the best performer, with more than 16 percent gain.
Avalanche price movement in the last 24 hours: Avalanche sets new all-time high at $75
AVAX/USD traded in a range of $60.92 – $75.32, indicating strong volatility over the last 24 hours. Trading volume has increased by 2.69 percent and totals $2.53 billion, while the total market cap trades around $15.77 billion, ranking the coin in 15th place overall.
AVAX/USD 4-hour chart: AVAX set to retrace?
On the 4-hour chart, we can see the Avalanche price losing its momentum as bears likely start a retracement.
Avalanche price action has seen strong bullish momentum over the past weeks. After a strong move lower on the 7th of September, with support found at $33, AVAX started heading higher.
Previous resistance around $50 was broken on the 11th of September, with further upside seen until $65. From there, another retracement of more than 20 percent was seen early this week, with the $50 previous resistance retested as support.
Since a clear higher low was set, further upside followed. At first, the Avalanche price moved to $68, and, after a small retracement, another push higher was seen over the last 24 hours, with the $75 set as the new all-time high earlier today.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bearish for today as a new higher high was set around the $75 mark, and profit-taking began. Therefore, we expect AVAX/USD to retrace over the next 24 hours and look to set another higher low.
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