AVAX/USD bullish for the next 24 hours

TL;DR Breakdown

• Avalanche price analysis is bullish today.
• AVAX/USD is currently trading at $89.
• Reaction higher seen overnight.

Avalanche price analysis is bullish today as we expect a retracement to follow after another quick drop of 10 percent was seen yesterday. AVAX/USD found support at $80 and has moved into a retracement since, which should continue later today.

Yesterday we saw a drop in AVAX/USD, which moved from $90 to $80. A low of $80 was seen, and we expect this retracement to continue higher as momentum builds for an upside break later today. We can see that the market has reached this level as it pushed back up near its recent high before pulling back down once again. Momentum is currently very strong, so much that we could see a continued surge higher as the buyers take control.

We expect this bullish momentum to continue into the afternoon and push the price up near to $90. As long as no major resistance is seen, we should see the price move towards $100 in the coming days, if not past it.

AVAX/USD 4-hour chart: AVAX looks to retest previous support?

The 4-hour chart for AVAX/USD shows that the price managed to hold at $80 yesterday after finding support. We can see that it has moved into a bullish momentum since and already managed to get back up to near $89 before pulling back down today.

We expect this retracement to continue later on in the day, with some bullish momentum coming into play, aiming for the previous low of $90. After this move higher, we should see further gains towards $100 likely happening soon.

The price of an ice avalanche has been declining for several days in a row this week. AVAX/USD hit a high of $117.4 on the second of January after a strong start to the month.

The RSI indicator for AVAX/USD is bullish as we can see that bulls are starting to increase over the past few days. Momentum should continue to build as we expect a retracement coming later today and likely moving towards $90 soon.

The Avalanche’s price fell an additional 6% on Monday, declining below the $100 mark for the second time. The price immediately reversed back to around $85, where support was seen previously. However, considering how much AVAX/USD has dropped in the last week, we expect further gains in the following 24 hours.

Avalanche Price Analysis: Conclusion 

The Avalanche’s price is Bullish today, as we anticipate the market sellers to be depleted following another drop yesterday. AVAX/USD will likely return to test recent lows before attempting a further attempt at a decline as resistance today.

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