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Avalanche Forms A Falling Wedge On The Daily Chart – Breakout Target Set At $56

Sebastian Villafuerte
Sebastian Villafuerte
5 months ago
3 mins read
Avalanche Forms A Falling Wedge On The Daily Chart – Breakout Target Set At $56

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Avalanche has faced intense selling pressure over the past two months, with its price plunging more than 42% since mid-December. The market remains highly volatile, driven by uncertainty, but recent signs of recovery suggest a shift in sentiment. After days of positive price action, AVAX is showing signs of strength, and analysts are watching closely for a potential breakout.

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Top analyst Carl Runefelt shared key insights on X, revealing that AVAX has formed another falling wedge on the daily timeframe. This pattern, widely recognized as a bullish reversal indicator, signals that a massive upside move could follow if AVAX breaks out. Runefelt highlights that the breakout target for AVAX is around $56, aligning with key resistance levels.

As the crypto market gears up for a potential bullish phase, Avalanche’s price action in the coming weeks will be crucial. If the wedge formation plays out as expected, AVAX could see a strong rally, attracting renewed investor confidence. However, traders remain cautious, as failure to break above key levels could lead to continued consolidation or even further downside. All eyes are now on Avalanche as it approaches a decisive moment.

Avalanche Eyes Breakout Amid Bearish Market Pressure

Avalanche has shown signs of recovery in the past few days, surging over 13% from a key support level. This move has sparked optimism among investors, but the broader bearish trend that has dominated the market since late December remains a concern. If AVAX fails to reclaim key supply levels as support, the recent gains could be short-lived, and the downtrend may continue.

Top analyst Carl Runefelt shared a technical analysis on X, revealing that AVAX has formed another falling wedge on the daily timeframe. This pattern is widely considered a bullish reversal signal, suggesting a significant breakout could be on the horizon. According to Runefelt, once AVAX breaks out, the target is set at the top of the pattern at $56—an impressive 64% rally from current levels.

Avalanche forming a falling wedge pattern | Source: Carl Runefelt on X
Avalanche forming a falling wedge pattern | Source: Carl Runefelt on X

However, there are still risks that traders must consider. While a falling wedge breakout could signal the start of a new bullish phase, AVAX must first overcome key resistance levels to confirm a trend reversal. If bulls fail to hold current support levels and push the price above these barriers, AVAX could face further downside pressure.

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AVAX Price Faces Key Resistance 

Avalanche (AVAX) is currently trading at $34.4 after a highly volatile Friday, where the price surged to $36.1 before retracing the entire daily move. This rapid price swing reflects the uncertainty in the market as AVAX struggles to find direction.

AVAX Testing crucial supply | Source: AVAXUSDT chart on TradingView
AVAX Testing crucial supply | Source: AVAXUSDT chart on TradingView

For bulls to confirm a potential reversal, the price must reclaim the $36 mark as soon as possible and establish support above it. Additionally, AVAX needs to hold above the 200-day exponential moving average (EMA) at $34.6, a crucial technical level that could determine the short-term trend. A sustained move above these levels would reinforce bullish sentiment and potentially trigger a rally toward higher resistance zones.

However, failure to hold above the 200-day EMA could result in increased selling pressure, pushing AVAX toward lower demand levels around $31.7. This would signal a continuation of the bearish trend that has dominated the market since mid-December.

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Solana Restested A Key Level And Now Faces Resistance – Breakout Next?

Solana Restested A Key Level And Now Faces Resistance – Breakout Next?

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With the market still experiencing uncertainty and price swings, the coming days will be crucial for AVAX’s trajectory. If bulls regain control and reclaim key levels, a strong upward move could follow. Otherwise, further consolidation or downside movement remains a possibility.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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