Avalanche surged 90% in November, breaking a key resistance trend line.
Technical indicators and wave patterns suggest a bullish trend toward $134.
Short-term targets include $74.70, with potential long-term gains reaching $205.
In November, AVAX soared 90% after breaking a key resistance trend line. The price reached $47, a significant level that signals a potential breakout. Analysts see minimal resistance ahead, with targets set at $134 or higher. Strong technical signals and bullish wave patterns point to continued momentum for AVAX.
https://twitter.com/lamatrades1111/status/1863589435230564478?t=QU1OWlTWYcqFFhZkPjvfuQ&s=19 Strong Technical Signals Fuel Optimism
Since September, Avalanche has grown steadily along an ascending support trend line. November saw a sharp bounce, creating four consecutive bullish weekly candles and reaching a high of $49.15. The current $47 level is the final hurdle before challenging the yearly high of $65.39.
Technical indicators confirm a robust trend. The Relative Strength Index broke free from a bearish pattern and now sits above 50, showing strong buying pressure. The Moving Average Convergence Divergence made a bullish cross above zero, reinforcing the positive outlook. Both indicators suggest further gains, with no signs of weakness or overbought conditions.
Bullish Wave Patterns Indicate Long-Term Potential
Wave analysis supports the optimistic forecast. Experts believe AVAX is either in wave C or wave three of a larger five-wave structure. Both scenarios suggest the price could climb significantly. The first target, $134, aligns with the wave A:C ratio. A five-wave expansion could push Avalanche to $205, as wave three typically extends 1.61 times wave one.
In the short term, AVAX seems to be completing wave three within a smaller five-wave pattern. This phase could peak at $74.70, setting a new yearly high before a possible pullback. The daily RSI remains overbought but shows no bearish signals, suggesting the rally still has room to grow.
Avalanche Gains 90% in November, Bullish Setup Suggests Potential Breakout to $134, signals a token on the rise. Strong technical indicators, steady momentum, and promising wave patterns point to continued growth.
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