AVAX Eyes $60 as Support Holds Strong Above $38.57, Analyst Says
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.
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.
