Avalanche Price Analysis: AVAX peaks at $117.4, moves into a strong retracement?
- Avalanche price analysis is bearish today.
- AVAX/USD set a new higher high at $117.4.
- Bearish momentum returned yesterday.
Avalanche price analysis is bearish today as we expect the current retracement to continue later today. Likely AVAX/USD will retrace even further as the market previously gained around 55 percent in a couple of days.
The cryptocurrency market has traded in the red over the last 24 hours. The market leaders, Bitcoin and Ethereum, are in the red by 2.29 and 3.44 percent. Meanwhile, Avalanche (AVAX) is among the worst performers, with a loss of over 7 percent.
Avalanche price movement in the last 24 hours: Avalanche continued to retrace
AVAX/USD traded in a range of $102.22 – $112.90, indicating a moderate amount of volatility in the market over the last 24 hours. Trading volume has declined by 9.24 percent, totaling $1.15 billion. Meanwhile, the total market cap trades around $24.99 billion, ranking the coin in 10th place overall.
AVAX/USD 4-hour chart: AVAX targets $100 mark next?
On the 4-hour chart, we can see the Avalanche price continuing to decline today, likely leading to a test of the $100 mark next.
Avalanche price action has seen a strong advance last week. After previously consolidating around the $80 mark during the first weeks of December, a strong spike higher followed on the 15th of December.
Eventually, AVAX/USD peaked at $117.4, setting a strong major swing high. However, the market could not sustain the bullish market structure for long as the previous local low was broken yesterday.
The bearish Avalanche price action momentum continued overnight, leading to the $102 mark. Likely we will see the retracement continue later today, with the $100 being the closest support to break next.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bearish today as we expect more downside to follow later today after a steady drop continued overnight. Therefore, AVAX/USD is likely set to break below the $100 support next and retrace even further.
While waiting for Avalanche to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.