Avalanche Rockets 10%: Analysts Anticipate Bullish Wave to $50
Avalanche (AVAX) has witnessed a notable surge of more than 10%, reaching approximately $35.8. This surge has attracted the attention of crypto market analysts who are now predicting potential bullish trends for the asset.
One noteworthy development, highlighted by cryptocurrency trader World of Charts, is the breakout of AVAX from a descending channel on the four-hour timeframe chart. This technical signal indicates a positive trend, and if the breakout holds, it could confirm a bullish wave aiming for $50.
Adding to the optimistic outlook is market analyst Javon, who perceives the recent pullback in AVAX’s price as a possible strength indicator. According to Javon, prices appear to be heating up once again, and the pullback might have strengthened the asset for further gains.
Referring to a technical pattern, Javon envisions the potential for a threefold increase from current levels, similar to a previous surge of over 300%. To achieve this, AVAX would need to advance by a substantial 234%, reaching an ambitious target of $121.
Due to the crypto market’s volatile nature, technical analysts expressing confidence in AVAX’s bullish potential have investors eagerly awaiting more developments. The prospect of a repeated performance and the positive sentiment surrounding the recent breakout from the descending channel are fueling speculation about the token’s future trajectory.