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Avalanche price analysis: AVAX/USD to spike to $80 over the weekend

TL;DR Breakdown

  • Avalanche price analysis is bullish for today.
  • Avax is currently trading at $69.8
  • The bulls are back in control of AVAX once again.

The price analysis for the Avalanche is bullish, with the market establishing a new higher low and beginning to advance back towards its all-time high. As a result, we expect AVAX/USD to rise even more during the next 24 hours, possibly breaching the $75 previous all-time high.

The last 2 days’ price action shows no signs of bearish continuation, which usually happens when the price moves below the 50EMA, breaking it consecutively on the four-hour, and daily price chart charts. This fact helps reinforce our belief that AVAX/USD will continue moving higher during tonight.

Avalanche price movement in the last 24 hours: Avalanche is set to break the minor resistance

AVX/USD was relatively range-bound in the $74.55 – $78.67 region, with a trading volume of $2.1 billion. The market eventually tested the $80 support level on June 13th and was rejected, leading to a drop. The price fell below the 50EMA and until it met resistance at $76.99, where it found buyers that managed to recoup most of the losses before moving higher again.

AVAX/USD then retraced upwards yesterday but failed to break through the downward sloping trendline (marked in red). It is currently trading between this downward trending support line and horizontal resistance level at $78.05. As mentioned above, we are very bullish about Avalanche because it seems like bulls have won out here since no bearish continuation patterns have formed, which usually happens when the market moves below its 50 EMA, breaking it consecutively on both the four-hour and daily charts.

This is a strong sign that the downtrend channel on the 4-hour chart has been broken, which means that bulls have won out, and we should start looking for buy opportunities. On top of this, the RSI has moved above 70, which also points to bullish momentum is in play.

Avalanche price analysis was bullish yesterday as well as today

For those traders who were watching from yesterday, you would have seen our first Avalanche price alert as below:

We indicated a long opportunity on AVAX/USD at $66.5 with a target of $78, where it stopped earlier today. This turned out to be a great trading opportunity because since then, AVAX/USD has jumped by 17.4% from its original entry point, with a trading volume of $2.1 billion in the last 24 hours.

AVAX/USD 4-hour chart: AVAX set to test the previous high today?

Bulls have begun to control the Avalanche price movement on the four-hour chart, implying that we may see further gains today.

Avalanche’s price movement in recent days has been characterized by strong bullish momentum. Following a new significant swing low of $33 set on September 7, bulls began pushing the market up.AVAX initially broke the previous all-time high of $59 and peaked at roughly $65 last weekend. On Wednesday, after retracing to $66, the Avalanche price movement rallied towards new peaks.

On September 18, the $75 mark was finally topped. After another modest decline late yesterday, the price changed direction again today. On the other hand, the Bulls have rebounded and are pushing AVAX/USD higher once more today, possibly suggesting additional gains in the next 24 hours.

Avalanche Price Analysis: Conclusion 

The price is currently trading in the range of $7,500 and $8,200 after reaching a new high last night at $7,900. The pair is presently attempting to break the prior high later today following an increase in bullish momentum over the past 24 hours. As a result, we expect AVAX/USD to attempt to break the previous high later today.

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