Avalanche Price Analysis: AVAX retraces to $110, lower high set?

TL;DR Breakdown

• Avalanche price analysis is bearish today.
• AVAX/USD retraced to $110.
• Another lower high has likely been established. 

Avalanche price analysis is bearish today as we expect the current retracement to have ended, leading to reversal next. Likely AVAX/USD will move to test further downside over the next 24 hours.

The cryptocurrency market overall has traded with bearish momentum over the last 24 hours. The market leader, Bitcoin, has declined by 2.19 percent, while Ethereum by 2.4 percent. Avalanche (AVAX) is among the top performers, with a gain of over 4 percent.

Avalanche price movement in the last 24 hours: Avalanche retraces to set lower high at $110

AVAX/USD traded in a range of $102.54 – $111.91, indicating substantial volatility over the last 24 hours. Trading volume has increased by 45.42 percent, totaling $1.32 billion. Meanwhile, the total market cap trades around $26.77 billion, ranking the coin in 11th place overall.

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

On the 4-hour chart, we can see the Avalanche price peaking around $110 resistance, likely leading to reversal back to the downside over the next 24 hours.

Avalanche price has slowly reversed over the last week. After previously gaining strong momentum in the middle of the month, AVAX/USD eventually set a strong swing high at $127.5.

From there, lower highs were seen at first, while the first push lower followed last weekend. At the beginning of this week, further lower lows were set, indicating strong retracement in progress.

On Thursday, the Avalanche price action had found the current low at $98.25. Since then, AVAX/USD has regained some of the loss as it moved to the $110 resistance. Reversal should play out over the next hours near the resistance, resulting in another push lower over the next days.

Avalanche Price Analysis: Conclusion 

Avalanche price analysis is bearish today as we expect a reversal to follow after consolidation around $110 resistance today. Likely AVAX/USD is now ready to continue testing more downside along with the overall week-long retracement.

While waiting for Avalanche to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.