Avalanche: Can This Pattern Help AVAX Target $60 Next
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- AVAX has established a bullish trend, with $43.50 and $60 identified as critical resistance levels.
- Market metrics indicated strong momentum, bolstered by increasing open interest and active trader engagement.
Avalanche [AVAX] is currently trending as it stabilizes within a symmetrical triangle, a traditional bullish configuration that often signals significant price movements ahead. Currently priced at $38.98, reflecting an increase of 2.98% at the time of writing, AVAX displays promising signs for an upward rally.
The strong support observed at the 50-week average coupled with rising bullish sentiment has traders attentively anticipating AVAX’s next significant movement. The pressing question is whether AVAX can break through these key resistance levels to achieve further gains.
Is AVAX positioned for a price breakout?
The price dynamics of AVAX indicate that an upside breakout could soon occur due to its inverted head and shoulders formation. This pattern includes a head situated at $32.67 with shoulders on both sides hinting at substantial upside potential.
The immediate resistance level stands at $43.50 followed closely by the pivotal target of $60 for bulls in the market. The symmetrical triangle pattern reinforces this optimistic outlook towards ascension in prices.
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