Avalanche price analysis is bearish today as we have seen a break below the $19.5 support and further selling throughout the day. Therefore, we expect AVAX/USD to drop even lower and push towards the $18 mark early next week.
The market has traded in the red over the last 24 hours. The leader, Bitcoin, declined by 3.62 percent, while Ethereum by over 4 percent. The rest of the top altcoins followed close by with similar results.
Avalanche price movement in the last 24 hours: Avalanche continued to retrace
AVAX/USD traded in a range of $18.80 to $20.14, indicating mild volatility over the last 24 hours. Trading volume has declined by 6.844 percent, totaling $304 million, while the total market cap trades around $5.39 billion, ranking the coin in 15th place overall.
AVAX/USD 4-hour chart: AVAX ready to test $18?
On the 4-hour chart, we can see selling still strong after a break below the $19.5 mark. Likely this will lead to further downside and to the $18 support.
Avalanche price action has traded with strong bullish momentum over most of the week. From the last support at $16, AVAX/USD gained over 33 percent, reaching the $21 mark.
Therefore, a slightly lower high was set, indicating that major trend reversal is not yet ready. From there, retracement began slowly, with consolidation forming yesterday. However, the $19.5 support could not hold for long.
Further downside followed earlier today, bringing the Avalanche price to the $19 mark. Since signs of a slowdown are yet to be seen, we expect AVAX/USD to drop even lower by the end of the day and look to push towards the $18 support early next week.
Once that is done, we could see a higher swing low set, which would mean that the market is consolidating in a wide descending triangle pattern.
Avalanche price analysis: Conclusion
Avalanche price analysis is bearish today as we have seen further decline after a major swing lower high was set at $21 earlier this week. Likely AVAX/USD will look to push even lower and trade towards the $18 next support early next week. Whether further downside will follow from there is yet to be seen.
While waiting for Avalanche to move further, see our articles on Siacoin wallet, Pi Wallet, and LTC Wallet Review.
