Avalanche Price Prediction shows bears are aiming to correct below $50

Avalanche Price Prediction Summary

• The short-term outlook for the Avalanche price is bearish today
• AVAX/USD traded in a range of $55.33 to $56.19 over the last 24 hours

The short-term outlook for the Avalanche price is bearish today, as strong prior support has been reached following an earlier surge. As a result, we anticipate AVAX/USD to reverse and fall further later today, in addition to the broader negative momentum.

Avalanche Price Prediction on the Daily Chart: AVAX aims to test $58 after downside

AVAX/USD traded in a range of $53.33 to $58.19 over the last 24 hours, suggesting significant swings in value. Trading volume has decreased by 4 percent, with $526.9 million exchanged, while the overall market cap is valued at around $12.486 billion, placing the coin 16th overall.

AVAX/USD 4-hour chart: AVAX preparing to reverse today?

On the 4-hour Avalance price prediction chart, we can see that Avalanche is approaching a significant resistance level, which is most likely to result in a reversal later today.

AVAX/USD 4-hour chart. Source: TradingView

After a tremendous surge in the second half of September, price action has taken a more bearish turn this month. Over the previous two weeks, Avalanche established several lower lows and highs. Therefore, pushing AVAX/USD to its current intraday low of $55.

At the moment, Avalanche is retracing. Bulls are attempting to establish a new low, which might be difficult since it’s just above the previous support at $59.

If AVAX/USD breaches the resistance, we could see further gains, implying that a significant reversal to the upside is possible later this week. We remain bearish for the Avalanche price and expect it to fall to $50 next.

Avalanche Price Prediction Conclusion 

The AVAX/USD pair is bearish today, as a significant resistance level was reached during the previous 24 hours. As a result, over the next 24 hours, AVAX/USD will most likely reverse and attempt to breach the $50 support.