Avalanche (AVAX) and FET are gaining attention due to bullish breakouts from critical chart patterns. AVAX has broken out of a falling wedge, while FET has confirmed an upside breakout from a descending broadening wedge.
These breakouts may signal strong upward momentum for both assets in the near term.
AVAX Breaks Out of Falling Wedge
According to Captain Faibik, an analyst, Avalanche (AVAX) is exhibiting bullish strength following its breakout from a falling wedge pattern on a 3-day timeframe.
$AVAX #AVAX is Breaking out of Falling Wedge with Strong Bullish Volume.. https://t.co/ghC01CkjG3 pic.twitter.com/TvF3eBr8sW
— Captain Faibik (@CryptoFaibik) September 20, 2024
The falling wedge, typically a reversal pattern, consists of a downward-sloping resistance line and a similar support line. The breakout above the upper resistance line suggests a potential trend reversal, shifting the momentum from bearish to bullish.
The breakout has initiated a new support range between $25 and $26, which was previously the resistance level of the wedge. AVAX is currently still eyeing a massive pump, with the intended price spike pegged at $71.50, meaning there is a potential 183.07% from its current price which is around $28.17.
However, AVAX faces resistance at key levels. The first challenge lies around $31.50, where previous price consolidation occurred. Beyond this, the price may encounter strong resistance between $45 and $50, which served as a critical zone in previous price movements. If AVAX maintains its bullish momentum, it could ultimately reach the $71.50 target.
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Read also: Is Solana (SOL) Price Set for a Move Toward $800?
FET Confirms Upside Breakout
Further analysis by Captain Faibik indicate that FET has broken out from a descending broadening wedge pattern, signaling potential bullish continuation. A descending broadening wedge typically indicates a reversal, and FET’s breakout above the upper trendline suggests a possible shift from its previous downward trajectory.
FET is currently supported around $1.40, which aligns with the breakout level. The immediate resistance lies between $1.70 and $1.75, where the price is hovering post-breakout. However, the medium-term target for FET is much higher, with projections pointing towards $3.90.
$FET Descending Broadening Wedge Upside Breakout is finally Confirmed.. Midterm Target : 3.90$#Crypto #FET #FETUSDT pic.twitter.com/QF4xkcVSWk
— Captain Faibik (@CryptoFaibik) September 20, 2024
Reaching the $3.90 target would require overcoming interim resistances at $2.00 and $2.50. These levels are crucial psychological and historical resistance zones that could affect the asset’s ability to continue its bullish run.
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The post Avalanche’s price Eyes Potential 183% Rally: Can FET Hit $3.90 After Breakout? appeared first on CaptainAltcoin.
