Avalanche Price Analysis: AVAX ready to resume rally after retracing 23 percent?
- Avalanche price analysis is bullish today.
- AVAX/USD set higher low above $111.
- Buying pressure returned overnight.
Avalanche price analysis is bullish today as a strong higher low was set yesterday after a 23 percent retracement earlier this week. Since AVAX/USD has set a strong higher high, we expect to see more upside over the next 24 hours as the overall market sentiment is still very bullish.
The market has seen buying pressure return over the last 24 hours. The market leaders, Bitcoin and Ethereum are up by 3.85 and 3.8 percent, respectively. Meanwhile, Avalanche (AVAX) is among the top performers, with a gain of over 10 percent.
Avalanche price movement in the last 24 hours: Avalanche resumes rallying after establishing a higher low above $112
AVAX/USD traded in a range of $113.00 – $129.43, indicating strong volatility over the last 24 hours. Trading volume has increased by 29.69 percent, totaling $2.44 billion, while the total market cap trades around $28.7 billion, ranking the coin in 11th place overall.
AVAX/USD 4-hour chart: AVAX looks to return above $130
On the 4-hour chart, we can see the Avalanche price moving higher again today as a strong higher low was set overnight.
Avalanche price has seen a strong advance so far in November. From the previous low of around $60, AVAX/USD more than doubled in price by the 21st of November, when the $147 current high was reached.
After a small initial retracement, bulls failed to reach more upside on Monday, resulting in a lower high set. From there, Avalanche saw substantial retracement until the second half of Yesterday, when a reaction higher was seen above $112.
Bullish momentum rapidly returned for the Avalanche price overnight, leading back above $125 earlier today. Currently, we can see AVAX/USD testing further upside, again, likely leading to the previous all-time high reached by the end of the week.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bullish today as a strong higher low was set overnight after the several-day retracement came to a stop late yesterday. AVAX/USD currently rapidly moves higher, likely leading to further highs later this week.
While waiting for Avalanche to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
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