đ„ Analysts predict #AVAX surge as bullish trends and historical patterns align
AVAX could be soaring to new highs according to analysts as several bullish developments and a historical pattern position the token for strong gains.
The sentiment in the crypto market has flipped bullish as Republicans secured a historic win, putting an end to what many claim to be the last anti-crypto administration in the White House.
With the development acting as a catalyst, Bitcoin printed back-to-back highs breathing new life into the altcoin market as well.
Avalanche is no exception, as multiple analysts see the potential for a breakout, driven by favorable market conditions and the resurgence of investor confidence across the crypto sector.
đž History points to the upcoming rally
According to charts shared by analyst Fabioviriba, AVAXâs recent price action is quite similar to what was witnessed before the altcoinâs 2021 rally where it surged roughly 4800% from $3 to its all-time high of $147.
During the previous rally, AVAX traded within an extended accumulation period followed by a strong upswing, which then entered a corrective phase, ultimately setting up the foundation for its massive rally.
This time, on the daily chart, AVAX has been in an extended accumulation phase since July 2023 and is now nearing the end of its corrective phase.
According to the analyst, a breakout here could propel the tokenâs price as high as $347, provided bulls successfully reclaim the crucial $30 level.
The path to $30 is clear according to fellow analyst Kaleo who noted that the altcoin had reclaimed a key support level at $26.50.
In a similar vein, crypto trader Senior Crypto observed that AVAX had formed a triple bottom pattern on the AVAX/BTC chart, which signals a potential bullish reversal and strengthens the case for further upside beyond the $30 mark.
