Avalanche (AVAX) Breaks Out of Falling Wedge: Could $31.69 Be Next?
- AVAX has surged 30% after rebounding from a key support level, signaling bullish momentum.
- The breakout from a falling wedge suggests a potential bullish reversal for AVAX.
- Key price targets for AVAX include $31.69, $43.86, and $56.03, with $16.90$17.00 support critical for further gains.
Avalanche (AVAX) is up by 30% after rebounding from a significant support level. The price is currently at $20.20, way beyond many of its lows in the recent past, though it has trended downwards in a long-term analysis. Rose Premium Signals drew attention to the fact that AVAX was in the process of emerging from a falling wedge. This could probably be a major bullish reversal for the cryptocurrency.
Key Price Targets for AVAX
The breakout from the falling wedge pattern is one that many know, if not most, trading indicators know. It also implies that the price is reversing its direction and is headed downwards. Considering this breakout, AVAX could stay in the bulls territory and continue the upward movement. The structure is quite clear and advantageous for bulls on the weekly timeframe, which strengthens the notion of an uptrend.
Source: Rose Premium Signals
Analysts set key price targets for the token. The first important level and the first target is $31.69. This is the level that ought to be breached for other levels such as $43.86 and $56.03 to be achieved. These targets are rather promising if the given trend will remain bullish in the near future.
The most important area to focus on lies within $16.90$17.00. Maintaining above this level could lead to the full resumption of the bullish trend. If the price of AVAX would remain above this range, it could surge to the higher price level. This support zone seems crucial in previous price action, and it may be important in the future as well.
Signs of Long-Term Bullishness
The most recent 30% growth is not just a short-term spike. It is one of the trends that is interesting from the perspective that it shows gaining strength and can continue to do so in the future. Many traders and analysts have decided to wait and observe whether AVAX can sustain such performance. If the price keeps going up, it can be the first signal of the long-term bullish mode.
The overall market uptrend was further boosted by an impressive 30% rally in the price of Avalanche. If the AVAX price remains above the $16.90$17.00 level, there could be a further price increase. AVAX has target levels of $31.69, $43.86, and $56.03, which make it possible to approach in the future weeks. The market will be paying particular attention to the signs that will indicate that the bullish trend is well.
Read more: https://www.tronweekly.com/avalanche-avax-breaks-out-of-falling-wedge/
Text source: TronWeekly
