Avalanche (AVAX) is positioning itself for a major breakout, according to top crypto analyst Captain Faibik. In a tweet, Captain Faibik expressed confidence that AVAX is set to break out of its current descending wedge pattern.
Moreover, he anticipates a 200% bullish rally, similar to the one seen in November to December 2023, once the breakout occurs. This prediction has interested the crypto community, prompting a closer examination of AVAX’s technical setup.
$AVAX has bounced back Nicely, and I'm Confident it will Breakout of Wedge sooner rather than later.Once Breakout occurs, Expecting another 200% Bullish Rally, similar to the one in Nov-Dec 2023. #Crypto #AVAX #AVAXUSDT pic.twitter.com/qLnWWWD4nN
— Captain Faibik (@CryptoFaibik) August 23, 2024
Avalanche Price Analysis
Captain Faibik share an AVAX chart that shows a descending wedge pattern, a bullish reversal pattern. Converging trendlines are a definining feature where the price creates lower highs and lower lows.
The lower trendline has functioned as a crucial level of support, while the upper trendline has been tested several times, indicating strong resistance. AVAX is getting close to the wedge’s peak, which is a crucial location where trendlines intersect and frequently signal a breakout.
Captain Faibik suggests that a breakout is imminent. Investors watch AVAX’s price movement, particularly any increase in volume that accompanies a break above the upper trendline. This could signal the start of the 200% rally he anticipates.
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AVAX Price Predictions
Captain Faibik’s forecast of a 200% rally is based on historical price action. Moreover, he draws parallels with the previous bullish movement seen in late 2023. He suggests that AVAX could experience a similar surge if it breaks above the wedge.
The height of the wedge at its widest point can be projected upward from the breakout point to estimate the potential rally’s amplitude. This projection aligns with Faibik’s confidence in AVAX’s bullish potential.
Per data from CoinGecko at press time, AVAX trades at $26.23 with a daily trading volume of $535,627,220. Furthermore, this represents an 11.55% price increase in the last day and a 28.43% price increase in the past week.
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The post Avalanche Eyes Breakout: Expert Predicts 200% AVAX Price Rally appeared first on CaptainAltcoin.
