Avalanche Price Analysis: AVAX sets a higher low at $62.5, rally to follow today?

TL;DR Breakdown

• Avalanche price analysis is bullish for today.
• AVAX/USD saw a higher low set yesterday.
• AVAX prepares for another push higher.

Avalanche price analysis is bullish today as a new higher low was set yesterday above the $2.5 mark, and bulls have started to push the market higher since. Therefore, we expect AVAX/USD to see further upside over the next 24 hours as bulls look to set another higher high this week.

The overall market traded in the green over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 5.36 and 11.63 percent, respectively, while Uniswap (UNI) is the best performer, with a gain of more than 35 percent.

Avalanche price movement in the last 24 hours: Avalanche sets higher low at $62.5

AVAX/USD traded in a range of $63.85 – $71.48, indicating strong volatility over the last 24 hours. Trading volume has increased by 12 percent and totals $1.2 billion, while the total market cap trades around $15.2 billion, ranking the coin in 12th place overall.

AVAX/USD 4-hour chart: AVAX set to rally today?

On the 4-hour chart, the Avalanche price has established a base above $65 from which to move higher later today.

The Avalanche price action has seen strong bullish momentum so far this week. After a quick spike lower on the 7th of September, AVAX/USD began a strong rally to $65 during the following week.

From there, a retracement and retest of the $50 previous resistance as support followed. After some consolidation, another several-day rally followed, with a new swing high set around $75 on the 18th of September.

Another retracement and move higher was seen last week, with AVAX/USD peaking around $80 this time. From there, the end of the week was spent in a retracement to retest the previous major swing high of $65 as support.

Further downside was rejected yesterday after a brief move past the $62.5 support, indicating that another higher low is set, and we should see further upside from there.

Avalanche Price Analysis: Conclusion 

Today’s avalanche price analysis is bullish as another higher low is set for AVAX, and bulls are gathering momentum to push higher. Therefore, we expect AVAX/USD to see another rally later this week and set another higher high above $80.

While waiting for Avalanche to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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.

Source: https://api.follow.it/track-rss-story-click/v3/tHfgumto13AEhPX9RJyELAp41t9tiERU