AVAX price has begun to retrace and appears ready to return to $56

AVAX price analysis
AVAX price analysis

AVAX price prediction summary

  • AVAX price analysis is bullish today.
  • AVAX/USD consolidates above $65.
  • Closest resistance at $73.5.

As bearish momentum wanes, the consolidation above $65 overnight demonstrates this, making it an excellent moment for a price advance for the Avalanche. As a result, we anticipate that AVAX/USD will continue to rise over the next 24 hours.

Cryptocurrency heat map. Source: Coin360

According to the cryptocurrency heatmap, the market was in an ambivalent mood over the previous 24 hours. Bitcoin rose 5.8%, while Ethereum increased by 2.432 percent. Meanwhile, Shiba Inu (SHIB) continues to lead the pack, having gained more than 70% of its value since its low on December 17th.

AVAX Price Prediction: Avalanche price movement in the last 24 hours: Avalanche still holds above $65

The price of AVX/USD has been trading in a range of $57.00 to $60.91 since Friday, suggesting little movement over the previous 24 hours. The market capitalization is now about $14 billion, putting it in 13th place worldwide.

AVAX/USD 4-hour chart: AVAX set to move higher next?

We may observe the Avalanche price beginning to rebound above $65 on the 4-hour chart.

AVAXUSDT 2021 10 07 09 40 33
AVAX/USD 4-hour chart. Source: TradingView

The cost of an Avalanche has been going up in a big way recently. However, towards the end of September, after AVAX/USD established a new peak at $79.80, there was a modest downturn.

AVAX dropped to $44.90 on April 18, but it was halted when the $65 support line was broken. After the $65 level, AVAX moved sideways for several days. Some encouraging signals can be seen; with a higher low set yesterday, as the $65 support line kept AVAX from declining further.

Overall, the recent price movement in the Avalance market is expected to result in further gains later this week. The overall market environment remains constructive as long as the $65 support level holds.

AVAX Price Prediction Conclusion 

Today’s price analysis for the Avalanche is positive, as a new higher low has been established around $65. As a result, we anticipate AVAX/USD to rise further today and perhaps revisit the previous swing high of $73.5 next week as a result of this development.