The post Top Trader Predict Avalanche (AVAX) Set for a Big Breakout: Can It Reach $45 Soon? appeared first on Coinpedia Fintech News
Avalanche (AVAX) is gaining attention in the crypto world as popular trader Captain Faibik predicts a major price rise. He has spotted a bullish pattern that could push AVAX to $45 or even higher soon. Many are now watching closely to see if this potential breakout could deliver big gains for investors.
AVAX’s Bullish Signal
According to Captain Faibik, Avalanche (AVAX) is ready for a strong upward move. He identified a “descending wedge” pattern in AVAX’s price chart, which is often seen as a sign of a positive turnaround.
$AVAX Still Moving inside the Falling Wedge & Still I’m Bullish on it so Hold with the Patience..(You’ll thank me later)#Crypto #AVAX #AVAXUSDT pic.twitter.com/FveH6Fu6EZ
— Captain Faibik
(@CryptoFaibik) September 13, 2024
This pattern has been developing since March 2024, with AVAX’s price moving in a series of lower highs and lower lows. However, recent price movements show AVAX breaking above the upper line of the wedge, suggesting a shift from a downtrend to an uptrend.
Faibik believes this breakout could lead to a 183% increase in AVAX’s value, pushing it up to around $45.5. He draws a comparison to AVAX’s strong performance in late 2023 when it saw significant gains under a similar market setup. Based on this analysis, AVAX may be preparing for another rally.
Key Support and Resistance Levels for AVAX
Currently, AVAX is trading at around $28.13, with a key support level at $26. Captain Faibik notes that this support level is crucial for AVAX’s next move. If the price stays above $26, it could trigger the predicted price rise.
However, AVAX faces resistance at the 50-day and 100-day Exponential Moving Averages (EMAs), which are at $29.52 and $32.69, respectively. If AVAX can push past these resistance points, it could gain momentum for further growth. Holding support around $25.73 is also important to prevent any further price drops.
The Relative Strength Index (RSI) for AVAX is currently at 43.38, slightly below the neutral 50 level. This shows that the market is leaning towards bullishness, though not yet in an overbought state, meaning there could be room for growth.
Avalanche’s Growing Market Influence
Avalanche has performed well over the past year, with returns of around 210%. At the same time, AVAX’s share of the overall crypto market has risen to 0.92%, up from 0.50%, showing increasing demand compared to other cryptocurrencies.
With these technical indicators pointing to a possible breakout and rising market interest, many investors are eager to see if AVAX can hit the $45 mark in the coming days.
Source: https://coinpedia.org/news/top-trader-predict-avalanche-avax-set-for-a-big-breakout-can-it-reach-45-soon/