AVAX price eyes 25% ascent as Avalanche bulls prepare for triple-digit territory
AVAX price to enter triple-digit territory
AVAX price action between September 7 and October 20 formed a bullish continuation pattern. In particular, Avalanche bulls triggered a 153% ascent between September 7 and September 23, known as a flagpole. This move was followed by a consolidation in the form of a descending parallel channel known as a flag.
A decisive daily candlestick close above the flag’s upper trend line at $57 constitutes a breakout, forecasting a 153% ascent to $130. This target is obtained by adding the flagpole height to the breakout point.
So far, AVAX price has rallied 56% and has a lot more to go. However, there is a good chance that Avalanche will retrace to the daily demand zone ranging from $72.06 to $81.23. This move will allow the bulls to replenish for another leg-up.
In such a case, AVAX price will rally 25% to retest the 100% trend-based Fibonacci extension level at $100. A highly bullish case could see Avalanche bulls extend this uptrend to the next level at $130, constituting a 60% ascent.
AVAX price to enter triple-digit territory
AVAX price action between September 7 and October 20 formed a bullish continuation pattern. In particular, Avalanche bulls triggered a 153% ascent between September 7 and September 23, known as a flagpole. This move was followed by a consolidation in the form of a descending parallel channel known as a flag.
A decisive daily candlestick close above the flag’s upper trend line at $57 constitutes a breakout, forecasting a 153% ascent to $130. This target is obtained by adding the flagpole height to the breakout point.
So far, AVAX price has rallied 56% and has a lot more to go. However, there is a good chance that Avalanche will retrace to the daily demand zone ranging from $72.06 to $81.23. This move will allow the bulls to replenish for another leg-up.
In such a case, AVAX price will rally 25% to retest the 100% trend-based Fibonacci extension level at $100. A highly bullish case could see Avalanche bulls extend this uptrend to the next level at $130, constituting a 60% ascent.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.