Avalanche Price Analysis: AVAX tests the previous high at $65, will it break?

TL;DR Breakdown

• Avalanche price analysis is bullish for today.
• AVAX/USD rallied to the previous high today.
• AVAX is set to reach new several-week highs.

Avalanche price analysis is bullish today as the market saw a strong advance over the past 24 hours and has approached the previous swing high at $65. As long as AVAX/USD can keep up its momentum, we expect further upside later today and a new higher high.

The overall market traded mainly in the red over the last 24 hours. The market leader, Bitcoin, lost 0.33 percent, while Ethereum gained 3.39 percent. Meanwhile, Avalanche (AVAX) is the best performer today, with a gain of more than 20 percent.

Avalanche price movement in the last 24 hours: Avalanche rallies towards the previous high

AVAX/USD traded in a range of $52.01 – $65.14, indicating strong volatility over the last 24 hours. The total trading volume has spiked by 115.54 percent and totals $2.13 billion, while the total market cap trades around $14.12 billion, ranking the coin in 13th place overall.

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

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

Avalanche price action has seen bullish momentum return over the last week. After a decline of more than 30 percent on the 7th of September, a new lower low was set around $33,

However, AVAX saw a steady advance over the following week, with a new higher high set at $65, increasing by almost 100 percent. What followed was a retest of the previous resistance as a support around the $50 mark. 

A higher low was established there with a several-day consolidation. Late Yesterday, the Avalanche price started trading higher again, resulting in the previous swing high of $65 over the past hours.

Avalanche Price Analysis: Conclusion 

Avalanche price analysis is bullish for today as the market saw a substantial advance today to the $65 previous swing high. Therefore, if AVAX/USD can keep up the momentum, we expect further upside overnight and a strong higher high set next.

While waiting for Avalanche to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as 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.