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- Avalanche price analysis is bullish today.
- AVAX/USD is presently at $87.6.
- Bullish momentum returned this morning.
Today’s price analysis for the Avalanche is bullish, as a higher low has been established around $90 following a strong drop. We believe that AVAX/USD will continue to rise because of the higher rejection that followed shortly after. After the spike to $88, a rejection of around $90 formed an uphill momentum that is likely to continue into the upcoming hours.
Avalanche price movement in the last 24 hours: Bullish trend
Technically, this climb could reverse before reaching 100% Fibonacci Retracement, but we believe that it will be followed by another spike in price soon afterward. The reason for this is because there has been a strong buy-up from those who were following our previous analysis as the market dived slightly to $80. As it is climbing back up now, we expect those who bought at around $82 and other traders and investors to join in on the ride. These traders could be motivated by a breakout on the hourly chart, which is also shown below.
It should be noted that AVAX/USD could potentially experience another rejection around $90 again because there is a strong resistance there (not only for this particular cryptocurrency but for all others). If this happens, traders will use the previous buy-up momentum as an entry signal to buy the coin.
As mentioned, we believe that AVAX/USD will rise because of this reason, and as such, we maintain our bullish analysis for today. The buy-up momentum was strong enough to support an upwards trend and a test of $75 (which is now a higher low), which resulted in another spike. All these signs indicate to us that this cryptocurrency has excellent potential.
AVAX/USD 4-hour chart: AVAX rebounds after a spike to $88
On the 4-hour chart, we may observe a resurgence of bullish momentum this morning, which will likely contribute to more significant price rises later today.
Since the beginning of November, the price of an avalanche has been building up a lot of momentum. AVAX/USD rose to a new monthly high of $90 after breaking above the prior monthly high of $83.5.
A long-term analysis of AVAX/USD is bullish, as indicated two months ago in our article when it was worth $50. The market was experiencing a significant drop that caused the 100% Fibonacci Retracement to plummet from $50 down to $40. However, there has been a substantial rise since then, and we believe that this trend will continue for many reasons.
Avalanche Price Analysis: Conclusion
Today’s price analysis of the Avalanche is bullish. We maintain our bullish outlook because there has been a strong buy-up after the drop to $80, and the rejection around $90 has led to an upswing. These counterintuitive trends show us that higher prices may be achieved in the upcoming hours.
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.