2024-12-13 23:30 |
AVAX’s price hit $50, doubling investors’ money in just a few weeks. World of Charts pointed out on X (formerly Twitter) that he called this move perfectly – his technical analysis worked out exactly as planned. The whole crypto space is taking notice of this big run.
Avalanche’s recent price performance reflects a bullish trajectory, marked by a breakout from prolonged consolidation phases. The chart indicates two earlier periods of accumulation, where rounded bottoms were formed before subsequent strong breakouts. Each of these breakouts led to exponential price increases, with the latest move propelling AVAX’s price to its $50 target.
A critical factor behind this move was the breach of a long-term descending trendline that had connected previous highs. This breakout signaled the end of the downtrend and confirmed a reversal. Additionally, an ascending support line connecting lower lows contributed to a converging wedge formation, which preceded the breakout.
Image Source: X/WorldofCharts Support and Resistance Zones IdentifiedThe $10–$12 range served as a strong accumulation zone for AVAX during the earlier phases of consolidation. As the price gained momentum, the $25–$30 range emerged as a key resistance level.
Upon breaking through this resistance, the $30 level appeared to flip into support, paving the way for the price to climb to $50. These zones have proven vital in shaping AVAX’s price trajectory and future outlook.
Chart Highlights and MeasurementsThe chart underscores the measured gains achieved during the breakouts. The most recent breakout recorded a 100% increase in price, while a prior breakout exhibited a massive 300% gain. This pattern showcases AVAX’s strong growth potential following each period of accumulation and breakout.
Although volume data is not explicitly shown, the rapid price movement indicates heightened trading activity and strong market momentum. The alignment of these technical factors with trader sentiment likely contributed to the sustained rally.
Read Also: Optimism (OP) and Mantra (OM) Price Chart Analysis Signal Potential Rallies: What to Watch
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Why Is Avalanche (AVAX) Price Doubling? Key Chart Analysis Revealed appeared first on CaptainAltcoin.
Similar to Notcoin - Blum - Airdrops In 2024
ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru
|
