$AVAX

#AVAX Coin Chart Analysis

#Avalanche (AVAX) started its rebound after dropping from $65 down to $17.

It appears that the complex WXY corrective pattern has completed.

From here, I see two possible scenarios for its upward movement.

In the first scenario, AVAX forms an ABCDE wave pattern, followed by a correction and then a rise. However, unlike this pattern, coins like #ADA and #Chainlink are continuing to rise, which makes me question this scenario.

The second scenario involves an extended wave 3. In this case, the target price is $40. If it goes above $40, I’ll have to reassess, but in the short term, it seems like a good point for profit-taking. Rapid gains are often followed by pullbacks.

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