Avalanche Price Analysis: AVAX Defending the $70 support strongly

TL;DR Breakdown

• Avalanche price analysis indicates bullishness
• AVAX/USD retested a previous high today.
• AVAX eyes new all-time high in days to come

Today’s Avalanche price analysis is bullish as the market has advanced strongly in the last 24 hours and is now close to the prior swing high of $73. We anticipate further gains later today, and a new high, as long as AVAX/USD can maintain its momentum.

Over the past 24 hours, the market has swung mostly in the red. Bitcoin fell 0.33% and Ethereum rose 3.39%, while Avalanche (AVAX) was the best performer, increasing by more than 20%.

Avalanche price movement in the last 24 hours: Avalanche rally eyes $70 range

The price of AVX/USD has been trading in a range of $52.01 to $65.14 for the last 24 hours, suggesting considerable volatility over the period. The total trade volume has increased by 115.54 percent and is now at $2.13 billion, while the overall market capitalization is about $14.12 billion

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

On the 4-hour chart, we can observe the Avalanche price action attempting to break past swing high of $65.

In light of this, the price action for the Bitcoin rate has seen a resurgence of bullish momentum in recent days. After declining by more than 30 percent on September 7th, a new lower low was established at $33.

AVAX, on the other hand, accelerated throughout the following week, with a new peak of $65 and a nearly 100 percent increase. Following that, there was a retest of the previous resistance as support at $50.

The previous swing high of $65 was re-established over the previous several days. After a few-day consolidation, a higher low was established there. The price of the Avalanche began to rise again late yesterday, resulting in the prior swing high of $65 in recent hours.

Avalanche Price Analysis: Conclusion 

For today, the price analysis for the Avalanche is bullish, with prices rising significantly from yesterday’s $65 previous swing high. As a result, if AVAX/USD can maintain its momentum, we anticipate even more upside overnight and a new high set next.

As you wait for Avalanche to continue rallying, read our pieces on Wrapped Bitcoin and NFT Marketplace.

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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