AvalancheLong
AVAX eyes recovery: failed H&S patter could propel price to $53
AVAX reached the target we highlighted a couple of days ago, and the price has now formed a bearish head and shoulders pattern. This pattern suggests that if the price drops below $38 per coin, AVAX could head substantially lower. However, with the fundamentals and trend being bullish, it seems unlikely that that will happen at this time. Instead, we trust the trend and expect traders to support the price between $38 and $40.28 per coin.
We could see a higher low from this range, pushing the price towards $44. What's particularly interesting is that if the $44 level is breached, it would trigger what we call a failed head and shoulders pattern. This pattern indicates that if the price moves above $44 per coin, it could gain 21.63% and reach $53.61 per coin.
What is your take on AVAX?
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
We could see a higher low from this range, pushing the price towards $44. What's particularly interesting is that if the $44 level is breached, it would trigger what we call a failed head and shoulders pattern. This pattern indicates that if the price moves above $44 per coin, it could gain 21.63% and reach $53.61 per coin.
What is your take on AVAX?
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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