AVAX's breakout above $41.42 suggests bullish momentum, with a potential rise to $47.81 if it maintains support above $38.57.
The formation of a blue-falling wedge in 2024 points to a bullish trend for AVAX, possibly reaching $47.81 after a breakout.
AVAX could target $60 if it holds above $38.57, signaling a shift from the previous downtrend to a strong bullish phase.
AVAX is currently holding steady above the crucial $38.57 level. Analyst Rekt Capital believes that AVAX is in a strong position for additional bullish momentum if the price stays above this support level until the monthly close. The analyst highlights that the move toward the $60 price objective may continue as a result of this steadiness.
Recent Performance and Key Levels
The AVAX/USDT chart reveals an interesting price journey. A strong uptrend took place in 2021, reaching near $147 before entering a prolonged downtrend. This downtrend was capped by a descending purple resistance line, which kept AVAX from moving higher throughout 2022 and early 2023. However, a reversal pattern began to form in mid-2023, marked by a breakout above this resistance. Since then, AVAX has seen a significant upward movement, recently peaking at $47.81.
Source: Rekt Capital
The analyst highlights key support and resistance levels, with $41.42, $38.57, $32.66, and $29.08 playing crucial roles. These levels represent areas where AVAX has seen price interaction in the past. Notably, the price reached resistance at the $41.42 zone, where it faced rejection multiple times before breaking through.
Bullish Momentum Building
Additionally, the breakout above the $41.42 resistance suggests that AVAX is entering a bullish phase. The formation of a blue falling wedge pattern further supports this view, as the breakout in 2024 signals a period of price compression leading to a potential surge. The price action suggests that AVAX could target the $47.81 resistance, reflecting a 100.78% increase from previous lows.
Furthermore, the $38.57 level serves as the immediate support zone for AVAX. There may be more upside if the price stays above this level. Conversely, if this support is not maintained, the price may return to the $29.08 mark, which served as support in earlier declines.
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