Avalanche price analysis: AVAX continues lower, targets $65 major support next? 

TL;DR Breakdown

• Avalanche price analysis is bearish for today.
• AVAX/USD retraced to $70 overnight.
• More selling resumed during the day.

Avalanche price analysis is bearish today as we have seen a strong break below $70 support followed by a retest as resistance. Therefore, AVAX/USD should continue even lower and target the $65 next major support.

The market has moved in the red over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 0.38 and 1.13 percent, while the rest of the top altcoins follow close by.

Avalanche price movement in the last 24 hours: Avalanche retests $70 as resistance, continues lower

AVAX/USD traded in a range of $66.82 – $71.41, indicating substantial volatility over the last 24 hours. Trading volume has spiked by 106 percent, totaling $1.2 billion, while the total market cap trades around $17.84 billion, ranking the coin in 11th place overall.

AVAX/USD 4-hour chart: AVAX ready to break $65?

On the 4-hour chart, we can see the Avalanche price action rapidly declining once more, likely leading to the next major support at $65 soon.

Avalanche price action has seen a strong decline over the past weeks. From the last spike higher to $80 on the 9th of March, AVAX/USD has lost around 17 percent, indicating strong bearish momentum in a couple of days.

Previously support was seen at the $70 mark. However, it offered little support this time as bears broke through it yesterday with only a slight slowdown in the overall momentum.

Since then, a new lower low has already been set just below $67. A quick retest of the $70 support turned resistance was seen overnight, eventually leading back to more selling. 

Therefore, the market is ready to continue even lower later today. Likely we will see the next major support at $65 tested over the next days. In case the support is broken, we could see a lot more downside rather quickly.

Avalanche price analysis: Conclusion 

Avalanche price analysis is bearish today as we have seen more downside tested late yesterday. Overnight, AVAX/USD retested previous support as resistance before more selling continued during the day, indicating more downside to come.

While waiting for Ethereum to move further, see our articles on Crypto Launchpads, DeFi 101, and what you should know about DAOs.