According to market analysis, AVAX trades near $17 and has the potential to break resistance levels and target $150.
Analysts highlight a descending triangle pattern signaling an upcoming bullish price move for the Avalanche blockchain token.
Market watchers are optimistic as AVAX shows patterns similar to previous rallies that delivered massive price gains.
With reference to the World of Charts, AVAX trades within a descending triangle, a formation often signaling a breakout. This chart pattern consists of a steady downward resistance line converging with an upward support trendline. Historically, AVAX has exhibited strong surges after consolidating in similar patterns.
Source: World Of Charts
In late 2022, AVAX surged by 94%, moving from $8.99 to higher levels. A later breakout led to a massive 120% rally, reinforcing its ability to deliver gains during technical breakouts. Currently, AVAX trades near $17.54, and a breakout could propel the price toward key levels like $50, $100, and eventually $150.
The analysis highlights a blue-shaded region, indicating a strong upward move potential if AVAX breaks above the descending triangle. This setup has drawn attention from traders anticipating a bullish breakout.
Strong Fundamentals Support AVAX Price Growth
Avalanche’s ecosystem growth and adoption within decentralized finance (DeFi) support its bullish potential. As one of the fastest Layer 1 blockchain, Avalanche attracts developers and projects seeking scalability and low transaction costs.
Moreover, traders have noted similarities between AVAX and other assets like XRP and HBAR, which recently experienced strong rallies. This comparison further builds confidence in AVAX’s ability to deliver a similar price movement if key resistance levels are broken.
The crypto community has responded positively to World of Charts’ analysis. One commentator highlighted AVAX’s potential, saying a breakout could lead to a major rally with no turning back. Another noted that a “god candle” movement similar to XRP’s rally could push AVAX into new price territory.
Community Anticipates Breakout and New Highs
The market closely watches AVAX as traders monitor the descending triangle and its proximity to breakout levels. Historical trends show reactions during similar setups so that the token could see price movements in the coming months.
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