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AVAX/USD set to hike to$70


TL;DR Breakdown

  • Avalanche price analysis is bearish today.
  • AVAX/USD rallied back to previous support.
  • Bearish momentum is likely to reverse Avalanche today.

The long-term outlook for the AVAX/USD is looking more optimistic than ever but tends to be subject to some short-term volatility. The slow decline is likely due to investors taking profits in anticipation of future price rises. With any luck, it will see support at $59 hold over the next few days. A reversal of the bulls in this market is likely to move back towards highs of around $66-70. As with most cryptocurrencies, we expect that we could be in for another bull run before long.

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

Today’s dip in prices saw the AVAX/USD pair fall through both yesterday’s open ($52.45) and support at $60 (previously resistance). The slow decline is likely due to investors taking profits in anticipation of future price rises.

With any luck, it will see support at $59 hold over the next few days. A reversal of the bulls in this market is likely to move back towards highs of around $66-70. As with most cryptocurrencies, the long-term prospects are looking more bullish than ever. However, this can also lead to some short-term volatility in prices.

Technical indicators for Avalanche are bearish today: RSI and Stochastic both below 50, Bollinger bands contracting: Avalanche prices look bullish in the long term: with a breakout above $70

The recent decline in the price of Avalanche is just creating more damage. The city of Grand Prarie declared it a disaster area, and power outages are expected to last for weeks. At this rate, the cost of living will go even farther down over time.

AVAX/USD 4-hour chart: AVAX shows bullish signals

Avalanche Price Analysis: AVAX/USD set to hike to$70 1

AVAX/USD 4-hour chart. Source: TradingView

After a substantial increase over the second half of September, price action in the Avalanche Continues to be bearish. Over the previous two weeks, several lower lows and highs were established, pushing AVAX/USD down to its current low of $51.

The technical indicators are bearish today, with both the RSI and Stochastic sitting below 50. However, they also show signs of potential bullish momentum reversal. The Bollinger bands are contracting, too; if this continues, we could see Avalanche continue its slow decline through resistance at $60 (previously supported). However, up until now, these bands have stayed widespread.

The reason for this is that the volatility of cryptocurrencies has prevented price support from taking root. If anything, the market seems to be getting more volatile over time. Long-term prospects are looking better than ever, but short-term volatility will continue throughout the market.

Avalanche Price Analysis: Conclusion 

Avalanche price analysis shows strong bearish momentum today. Avalanche has been subject to some short-term volatility as a result of long-term prospects looking positive. Short-term indicators are bearish, with the RSI and Stochastic below 50 on 4-hour charts. Longer-term, $59 is likely to support, and $66-70 will provide resistance.

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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