Avalanche Forms Falling Wedge with Breakout Target of $56
Avalanche (AVAX) Price Analysis
Avalanche has experienced a significant price decline of over 42% since mid-December, but recent activity suggests potential recovery. Key points include:
- AVAX has increased by more than 13% from a critical support level.
- Analyst Carl Runefelt identified a falling wedge pattern on the daily chart, indicating a possible bullish reversal.
- The breakout target is approximately $56, representing a potential 64% rally from current levels.
- Current trading price is $34.4, with resistance at $36.1 and crucial support at the 200-day EMA of $34.6.
- Failure to hold above these levels may lead to further downside towards $31.7.
- Market volatility remains high; upcoming days are pivotal for determining AVAX's trend direction.
