- Avalanche price analysis is bullish for today.
- AVAX/USD retraced and found support at $66.5 yesterday.
- Bulls start to push AVAX higher today again.
Avalanche price analysis is bullish for today as the market has set a new higher low and started to move back towards the previous all-time high. Therefore, we expect AVAX/USD to see further upside over the next 24 hours and possibly breach the $75 previous all-time high.
The overall market traded in the red over the last 24 hours. The market leader, Bitcoin, has declined by 2.39 percent, while Ethereum has 4.51 percent. Meanwhile, Polkadot (DOT) is among the worst performers, with a loss of almost 6 percent.
Avalanche price movement in the last 24 hours: Avalanche sets higher low at $66.5, begins to rally higher
AVAX/USD traded in a range of $66.55 – $73.67, indicating strong volatility over the last 24 hours. Trading volume has decreased by 34.66 percent and totals $1.625 billion. The total market capitalization trades around $15.77 billion, ranking the coin in 11th place overall.
AVAX/USD 4-hour chart: AVAX set to test the previous high today?
On the 4-hour chart, we can see bulls starting to take over the Avalanche price action, indicating that we could see further highs today.
Avalanche price action has traded with strong bullish momentum this week. After setting a new major swing low around $33 on the 7th of September, bulls started to push the market higher.
At first, AVAX broke the previous all-time high at $59 and peaked at around $65 last weekend. After retracement to $50, previous resistance turned support, the Avalanche price action started pushing towards new highs on Wednesday.
The new all-time high was finally set at $75 on the 18th of September. This price action development was followed by another small retracement late yesterday. However, earlier today, bulls started to push AVAX/USD higher again, potentially meaning we could see further highs over the next 24 hours.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bullish today as a new higher low was set over the last 24 hours, and bullish momentum has returned today. Therefore, we expect AVAX/USD to attempt to break the previous high later today.
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