Avalanche price analysis: AVAX still holds below $80, retracement incoming?

TL;DR Breakdown

• Avalanche price analysis is bearish today.
• AVAX/USD rejected further upside yesterday.
• Selling pressure slowly returning.

Avalanche price analysis is bearish today as we have seen resistance prevent further upside at the $80 mark yesterday and a reaction lower later. Therefore, AVAX/USD is ready to reverse and look to set another higher low over the next days.

The market has seen bullish momentum continue yesterday, with signs of an upcoming reversal. The market leaders, Bitcoin and Ethereum, have gained 2.96 and 2.08 percent. Meanwhile, Avalanche (AVAX) follows with around a 2 percent increase.

Avalanche price movement in the last 24 hours: Avalanche rejects lower, prepares to retrace

AVAX/USD traded in a range of $75.35 – $79.33, indicating substantial volatility over the last 24 hours. Trading volume has declined by 47 percent, totaling $578.7 million. Meanwhile, the total market cap trades around $19 billion, ranking the coin in 12th place overall.

AVAX/USD 4-hour chart: retests upside before starting to retrace? 

On the 4-hour chart, we can see a slight upsurge for the Avalanche price action overnight, likely leading to retracement early next week.

The Avalanche price has seen a steady advance higher over the past weeks. After a series of slightly higher highs and lows, the last low was set at the $65 mark on the 3rd of February.

From there, AVAX/USD finally made a strong push higher, gaining almost 24 percent to the $80 mark. Since then, rejection for further upside can be seen, indicating that the market has peaked and is now ready to retrace.

Likely we will see bearish momentum take over soon, leading to another higher low set over the next days. Further, the Avalanche price action will likely continue pushing towards new highs.

Avalanche price analysis: Conclusion 

Avalanche price analysis is bearish today as the $80 mark has offered strong resistance. Likely AVAX/USD will soon begin to retrace, leading to another higher low set next week.

While waiting for Avalanche to move further, see our articles on Coinbase vs Coinbase Pro, Hardware vs Software wallet comparison, best Crypto trading platforms in the USA.