- Avalanche price analysis is bullish for today.
- AVAX/USD retraced and found support at $66.5 yesterday.
- Bulls start to push AVAX higher today again.
Avalanche price analysis is bullish for today as the market has set a new higher low and started to move back towards the previous all-time high. Therefore, we expect AVAX/USD to see further upside over the next 24 hours and possibly breach the $75 previous all-time high.
The overall market traded in the red over the last 24 hours. The market leader, Bitcoin, has declined by 2.39 percent, while Ethereum has 4.51 percent. Meanwhile, Polkadot (DOT) is among the worst performers, with a loss of almost 6 percent.
Avalanche price movement in the last 24 hours: Avalanche sets higher low at $66.5, begins to rally higher
AVAX/USD traded in a range of $66.55 – $73.67, indicating strong volatility over the last 24 hours. Trading volume has decreased by 34.66 percent and totals $1.625 billion. The total market capitalization trades around $15.77 billion, ranking the coin in 11th place overall.
AVAX/USD 4-hour chart: AVAX set to test the previous high today?
On the 4-hour chart, we can see bulls starting to take over the Avalanche price action, indicating that we could see further highs today.
Avalanche price action has traded with strong bullish momentum this week. After setting a new major swing low around $33 on the 7th of September, bulls started to push the market higher.
At first, AVAX broke the previous all-time high at $59 and peaked at around $65 last weekend. After retracement to $50, previous resistance turned support, the Avalanche price action started pushing towards new highs on Wednesday.
The new all-time high was finally set at $75 on the 18th of September. This price action development was followed by another small retracement late yesterday. However, earlier today, bulls started to push AVAX/USD higher again, potentially meaning we could see further highs over the next 24 hours.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bullish today as a new higher low was set over the last 24 hours, and bullish momentum has returned today. Therefore, we expect AVAX/USD to attempt to break the previous high later today.
While waiting for Avalanche to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.
AVAX network TVL crossed $11.5 billion as Growth DeFi protocol partners with Trader Joe
- Growth DeFi protocol has partnered with Avalanche’s largest decentralized exchange to drive higher trade volume.
- Avalanche ecosystem’s launchpad is preparing for upcoming initial DEX offerings.
- DeFi lending and borrowing have intensified on Avalanche, boosting the on-chain activity of AVAX tokens.
Avalanche network on-chain activity is set to explode with new partnerships in the ecosystem. The $180 million incentive program has attracted decentralized applications to the AVAX network.
Avalanche competes with the Ethereum-killers for higher DeFi market share
Avalanche network, the leading smart contracts platform, currently has a TVL of over $11 billion. Users prefer fast transaction processing with low transaction costs; the AVAX network has emerged as a top choice among traders in DeFi.
Traders new to the DeFi network, seeking lending and borrowing capital protocols, have turned to Avalanche. The network offers swapping, farming, lending, and borrowing facilities in a single application, allowing traders to borrow up to 80% on USDT and 75% on BTC, ETH, and AVAX.
The smart contract platform’s largest decentralized exchange, Trader Joe, generates an aggregate of $440,000 in trading revenue per day, of which $73,000 hits the protocol’s treasury.
Trader Joe daily aggregate trading revenue.
The DEX recently partnered with Growth DeFi protocol, which plans cross-chain integration with the Avalanche blockchain network. Through the new partnership, the protocol will be able to offer multi-chain capabilities and generate higher liquidity.
The network is hosting decentralized applications joining the AVAX ecosystem for the $180 million incentives program, and the ecosystem is preparing for upcoming initial DEX offerings.
Avalanche announced the launch of Stake DAO and the allocation of $3 million in incentives to the DeFi project.
Avalanche (AVAX) is the Son Goku fighting against Freezer vs. Super Saiyajin Goku
Avalanche is the only network with new tech that gets rid of the problems of Classical Consensus and Nakamoto Consensus.
When someone asked explain Avalanche like I’m five, Twitter Handle Avalunch opined, it is the Son Goku fighting against Freezer vs. Super Saiyajin Goku against Freezer. Much faster and efficient. The number of his opponents are irrelevant scaling.
For clarity, Son Goku is a fictional character and main protagonist of the Dragon Ball Manga series created by Akira Toriyama. Manga — Dragon Ball is a Japanese media franchise created by Akira Toriyama in 1984.
The story follows the adventures of Son Goku, from childhood to adulthood, as he trains in martial arts and explores the world in search of the Dragon Balls, seven magical orbs which summon a wish-granting dragon when gathered. Along his journey, Goku makes several friends and battles villains, many of whom also seek the Dragon Balls.
Community response: I very basically understood how the principles of the tech stack ushered in an entirely new paradigm in crypto. It meets the needs of the next ‘mainstreaming era’. A must-own digital asset.
Jokes aside. It would be very beneficial in my opinion to actually see some legit L1 comparisons so we demonstrate AVAX’s superiority.
Emin Gun Sirer opined: “Working with governments and large foundations is critical to continue to bring blockchain tech to mainstream institutions. The Avalanche Foundation is looking forward to helping the UK develop innovative and competitive digital currency solutions.”
Emin stated this in response to a news which read, “A group of crypto advocates and firms are forming a new coalition to push the United Kingdom to issue a central bank digital currency (CBDC)”
The Digital Pound Foundation have announced their launch and they are focusing on supporting “the implementation of a well-designed digital Pound and digital money ecosystem.” The member firms in the process consist of Accenture, Avalanche, Billon Group, CGI Group, Electroneum, Quant and Ripple.
Community: Why are you pushing for the further centralization of power? Why not choose the path of separation of money and state?
Aren’t CBDCs largely against the ethos of crypto i.e. against centralized power?
It is perfectly normal for every clear-headed state to take advice about blockchain from Avalanche.
Have they given an indication of timescale when we could expect I central-bank digital currency? You guys are doing great work.
I think before issuing their own CBDCs they can buy large amounts of AVAX and use that for test purpose. Then they will ban every crypto that is not under control.
Avalanche Price Analysis: AVAX rallies back to $58-$59 previous support, reversal to follow?
- Avalanche price analysis is bearish today.
- AVAX/USD rallied back to previous support.
- Bearish momentum is likely to reverse Avalanche today.
Avalanche price analysis is bearish today as strong previous support has been reached after a strong rally earlier today. Therefore, we expect AVAX/USD to reverse and continue lower later today along with the overall bearish momentum.
The overall market traded in the green over the last 24 hours with Bitcoin up by 4.78 percent. Meanwhile, Ethereum is up by 8 percent, while Polkadot (DOT) leads the market with a gain of almost 18 percent.
Avalanche price movement in the last 24 hours: Avalanche looking to retest previous support at $59 as resistance
AVAX/USD traded in a range of $53.33 – $58.19, indicating substantial volatility over the last 24 hours. Trading volume has declined by 22.4 percent and totals $560.9 million, while the total market cap trades around $12.72 billion, ranking the coin in 14th place overall.
AVAX/USD 4-hour chart: AVAX to reverse today?
On the 4-hour chart, we can see Avalanche price action approaching a strong resistance area, likely resulting in a reversal later today.
Avalanche price action has seen bearish momentum return so far in October after a strong increase over the second half of September. Over the past two weeks, several lower lows and highs have been set, leading AVAX/USD to the $51 current low.
Currently, Avalanche retraces higher as bulls look to set another higher low. Likely resistance will be found at the previous support at $59, and another push lower will follow.
Alternatively, if AVAX/USD breaks above the resistance, we could see a further upside, indicating that a major reversal to the upside might be in play later this week. However, until then, we remain bearish for the Avalanche price and expect it to decline to the $50 mark next.
Avalanche Price Analysis: Conclusion
Avalanche price analysis is bearish today as a strong resistance area was reached over the last 24 hours. Therefore, AVAX/USD will likely reverse over the next 24 hours and look to test the $50 support next.
While waiting for Avalanche to move further, read our guides on the Best NFT marketplaces, NFT history and development, as well as NFT Music.