AVAX Set for Potential 105% Surge as Bullish Signals Strengthen
Avlnch (AVAX), th ntiv tokn of th Avlnch blockchin, hs fcd tumultuous wk. Following 15% dclin ovr th pst fiv dys, AVAX xprincd miniml incrs on Fridy, trding t $23.39, up 0.86% from its opning pric of $23.19. Howvr, this smll uptick dos not offst th fct tht th currnt pric rmins significntly blow its July 21 high of $33.06.
Dspit th rcnt dip, svrl crypto nlysts r spotting potntil bullish signls for AVAX. Trd Dvils, prominnt nlyst, hs idntifid rcurring invrs hd-nd-shouldr pttrn, which is oftn linkd to n impnding pric rlly in th ltcoin mrkt.
Trdr Dvils indictd tht if AVAX cn hold bov th currnt support lvl of $22.84, potntil pric incrs could follow. Howvr, he wrns tht filing to sty bov $22.84 by th nd of th wk could ld to furthr slling prssur.
Multiple Indicators Signal AVAX Upside
Kingpin Crypto, lding influncr on X, lso xprssd optimism bout AVAX. According to Kingpin, th tokn opnd th month t $25.695. If it dosnt rvisit this lvl, it could signify dvition from xpctd mrkt bhvior. Th monthly opn cts s crucil psychologicl mrkr whr trdrs oftn rssss positions. A rvisit would bolstr bullish prspctiv, whil filur to rch it might suggst mrkt wknss.
Furthrmor, th dily Fir Vlu Gp (D1 FVG) nd th 0.618 Fiboncci rtrcmnt lvl, known s th goldn pockt, convrg round $22.900. This D1 FVG indicts potntil imblnc btwn buy nd sll ordrs, suggsting th pric might ris to fill this gp.
Similrly, n H12 brkr block rinforcs th bullish sntimnt by providing dditionl support. A brkr block, prviously rsistnc lvl, now cts s support, bolstring th cs for potntil pric incrss. Howvr, th pr-wk high t $27.995 is short-trm rsistnc lvl nd potntil trgt if th bullish momntum continus.
In ddition, Crypto xprt Whls_Crypto_Trding idntifis yt nothr bullish signl: flling wdg formtion on th dily AVAX chrt. This pttrn typiclly prcds pric rvrsl, indicting tht pric surg could b imminnt. Currntly, AVAX trds within th confins of this dscnding wdg. This pttrn gnrlly signifis wkning of slling prssur nd th potntil for brkout to th upsid.
Whls_Crypto_Trding nticipts significnt bullish wv to follow onc AVAX brks out of th uppr rsistnc lin of th wdg, with potntil pric ris to round $65, mrking n stimtd 105.53% incrs from th brkout point.
Related Readings | Ethereum Price Plummets 24% as Major Players Offload $599M ETH
Read more: https://www.tronweekly.com/avax-set-for-potential-105-surge/
Text source: TronWeekly
