AVAX tests new all time high at $85.77 on the hourly chart

TL;DR Breakdown

  • Avalanche price analysis is bullish today.
  • AVAX/USD found support at $80/
  • AVAX is ready to move higher again after testing new all time high.

The $73.5 mark was a barrier to more downside yesterday, resulting in sluggish trading this morning above the support. We will most likely observe AVAX/USD rise today, with $86 as the price level to breach.

Avalanche Price Analysis: AVAX tests new all-time high at $85.77 on the hourly chart 1Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. Bitcoin gained 1.19percent, while Ethereum 1.43 percent. Meanwhile, Binance Coin is the top performer, with a gain of more than 10 percent.

Avalanche price movement in the last 24 hours: Avalanche tests new support at $80

AVAX/USD traded in a range of $74.46 – $85.23, indicating substantial volatility over the last 24 hours. Trading volume has declined by 43.05 percent and totals $461.64 million, while the total market cap trades around $16.62 billion, ranking the coin in 13th place overall.

AVAX/USD 4-hour chart: AVAX ready to rally again?

AVAX coin’s price was relatively stable over the last 24 hours, trading in a range of $72.46 to $78.23. Over the previous day, there was significant volatility, with prices varying by nearly four percent. Trading volume has decreased by 43%, and totals $461.64 million, putting the market cap at around $16.62 billion.Avalanche Price Analysis: AVAX tests new all-time high at $85.77 on the hourly chart 2AVAX/USD 4-hour chart. Source: TradingView

Following the end of October, when a strong rally began, bearish momentum returned to the Avalanche price chart. AVAX/USD rose 35 percent from the previous low of $60 to the present high of $81, establishing a strong higher high.

Following a price rally from $60 to nearly $85, AVAX experienced a short-term correction that was followed by another test of the psychological round number of $100. The market then bounced back on Thursday, retreating back down to around its opening level of $73.5. Support was found, resulting in another surge for AVAX.

The slide from $82.6 to $72.7 was halted on Tuesday, resulting in a current consolidation above the support level at $73.5. Today’s rise might lead to further gains for Avalanche.

Avalanche Price Analysis: Conclusion 

Avalanche price analysis is bearish because a new higher low has been established following a strong rejection for more downside. As a result, we expect AVAX/USD to start pushing up, with the $81 barrier broken.

While waiting for Avalanche to move further, read our guides on NFT tokens, Gemini Exchange Review, and Sunacrip.

Disclaimer. The information provided is not trading advice. 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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