- Breaking out of a falling wedge pattern, AVAX may start to see a brightening trend.
- With its price climbing beyond the $17 and $19 levels, where it was over a longer period, AVAX currently stands at $23.46.
- Several analysts expect AVAX to reach $41, $52, and $61 based on technical analysis and previous levels of resistance.
AVAX has earned interest from analysts after a promising move based on the technicals that may mean a big rise is coming. A recent study by Rose Premium Signals found AVAX is breaking out of a falling wedge pattern on its weekly chart, which is considered a good sign of a change in direction.
AVAX is Now Trading Outside of the Accumulation Area
AVAX’s breakout is coming from an area where buying pressure built up, supporting its price between about $17 and $19. The price had been moving sideways within this range for many months. According to the analysts, when the price breaks through this level, it shows the start of a new bull trend.
This Avalanche blockchain native cryptocurrency is now valued at $23.46 and appears to be starting to move higher. On the weekly candlestick chart, the prices have risen above the upper boundary of the wedge, so sellers are less effective. Actions by buyers indicate that the breakout is valid and further increases are a possibility while the rally lasts.
Analysts Raise Their Bullish Targets After AVAX Breaks Through a Key Level
Analyst Rose Premium Signals believes this cryptocurrency could hit three higher levels over the next few months. It is expected that crypto will move to $41.00 first, which is the zone of previous resistance.
Source: X @VipRoseTr
The second target is $52.00 and the final target is a high of $61.00, so if the rally does not stop, the asset’s price could increase by more than 160% to these levels. Both the structure of the pattern and what has happened in the past with prices influence these targets.
The chart in the post proves that AVAX has ended a long downtrend and is now exploring new territory in terms of pricing. Technical patterns like the falling wedge are seen throughout trading because they can alert traders to probable upcoming price trends.
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