Avalanche (AVAX) appears ready for a substantial price movement, according to a chart analysis shared by Crypto Winkle. The crypto analyst highlights that AVAX has broken out of a falling wedge pattern.
Moreover, it has entered an ascending channel, setting the stage for a potential rally. Current technical indicators, including RSI and MACD, further support the bullish momentum.
#AVAX Breaking Out! Avalanche showing incredible strength as wedge pattern executes flawlesslyThe falling wedge we've been tracking for months has finally paid off! Strong money flow confirmed this textbook breakout, launching $AVAX into a beautiful ascending channel. Current⊠pic.twitter.com/QRDU65ZbPD
â Crypto Winkle (@CryptoWinkle) October 10, 2024
Crypto Winkleâs analysis indicates that AVAX has completed a breakout from a falling wedge pattern, a classic bullish reversal signal. The chart shows that this breakout has initiated an upward trajectory, with AVAX now trading within a well-defined ascending channel.Â
As long as the price remains inside this channel, the potential for further upside remains strong. The next key resistance level to watch is $30. Should AVAX break and hold above this mark, the price could quickly rise to test resistance levels near $55.
Key Support and Resistance Levels
The analysis also identifies crucial support and resistance zones for AVAX. The yellow zone around $20 serves as a strong support level, which AVAX tested during its previous consolidation phase.Â
On the upside, if AVAX keeps its optimistic momentum, the $55 to $60 region becomes clearly a major area of resistance that AVAX might target. Right now, the main emphasis is still on whether AVAX can effectively surpass the $30 level, so generating further potential for a price increase.
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AVAX Indicators Show Bullish Momentum
In addition to the price action, technical indicators point to continued bullish sentiment. The RSI is currently at 49.85, a neutral level that suggests AVAX has room for further upside without being overbought.Â
The MACD, sitting at 0.19, also shows positive momentum, indicating that the buying pressure is in favor of the bulls. If these indicators remain positive, AVAX is positioned to see a sustained rally, surpassing $30 and climbing toward higher resistance levels.
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The post Avalanche Primed For Rally: Analyst Predicts AVAX Price Beyond $30 appeared first on CaptainAltcoin.
