AVAX Price Prediction: Wedge pattern breakout sets the AVAX price for a prolonged recovery; time to enter?
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AVAX Price Prediction: Under a bearish flag for the most part of 2023, the AVAX coin price brings a banger comeback. Rising more than 40% in the last three days, Avalanche performs exceptionally well in the altcoins sector. Ranking amongst the top gainers this week, the crypto continues to head higher, aiming to reclaim the $20 mark. So, will the altcoin rally continue for AVAX to surpass $20 or a pullback is imminent?
Is AVAX Heading to $20?
- A high supply zone at $21.6 hints the Avalanche price may tumble 10% before finding significant support
- A potential breakout from $21.6 will make a new higher AVAX price one of the key traits of the bullish trend.
- The intraday trading volume in Avalanche coin is $584.2 Million, indicating a 341% gain.
Maintaining a larger trend of lower high formation, the Avalanche coin price action formed a falling wedge in the daily chart. Dropping under the psychological mark of $10, the AVAX price regained bullish momentum after testing the $8.6 mark.
With the overall market recovery supporting the bull run in altcoins, the AVAX price has given a return of 40% in the last 3 days. Furthermore, the linear uptrend concludes the lower high formation and fractures the overhead resistance trendline.
Giving a bullish breakout of the falling wedge pattern, the price action reflects a pivotal moment of trend reversal. Moreover, the recent hike in the intraday trading volumes supports the bull run and reflects a huge underlying demand.
Currently trading at $18.50, the AVAX price forms a bullish engulfing candlestick with an intraday growth of 10.28%. On an optimistic note, the increasing demand can fuel the bull run beyond the $20 mark. Medium-term holders can find the Avalanche token price reaching the $30 mark.
Three White Soldiers Offer Dip Opportunity
The sudden rise in bullish momentum helped boost the price of AVAX by 12 in the last 24 hours, making a triple white soldiers pattern. However, a potential pullback to retest the broken trendline is possible. Supporting the retest thesis, a pullback to the second candle’s low is a generally normal scenario in the triple white soldier pattern.
If the overall market scenario remains bullish, this retest could offer a pullback opportunity before continuing the bullish trajectory.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.