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.