Avalanche Eyes Breakout: Expert Predicts 200% AVAX Price Rally

Avalanche (AVAX) is positioning itself for a major breakout, according to top crypto analyst Captain Faibik.

Cryptocurrency influencer Captain Faibik has shared his bullish outlook for Avalanche (AVAX) with his followers on social media. Captain Faibik expressed confidence in AVAX breaking out of its descending wedge pattern in a tweet.

He also anticipates a 200% bullish rally, like the one seen in November to December 2023, once the breakout occurs. This prediction has piqued the interest of the crypto community, leading to a closer examination of AVAX’s technical setup.

Captain Faibik shares an AVAX chart that shows a descending wedge pattern, a bullish reversal pattern. Converging trendlines are a defining feature where the price creates lower highs and lower lows.

The lower trendline has functioned as a crucial level of support, while the upper trendline has been tested several times, indicating strong resistance. AVAX is getting close to the wedge’s peak, which is a crucial location where trendlines intersect and frequently signal a breakout.

Captain Faibik suggests that a breakout is imminent. Investors are watching AVAX’s price movement, particularly any increase in volume that accompanies a break above the upper trendline. This could signal the start of the 200% rally he anticipates.

Captain Faibik’s forecast of a 200% rally is based on historical price action. He draws parallels with the previous bullish movement seen in late 2023. He suggests that AVAX could experience a similar surge if it breaks above the wedge.

The height of the wedge at its widest point can be projected upward from the breakout point to estimate the potential rally’s amplitude. This projection aligns with Faibik’s confidence in AVAX’s bullish potential.

According to CoinGecko at press time, AVAX trades at $26.23 with a daily trading volume of $535,627,220. Notably, this marks an 11.55% price increase in the last day and a 2023 price to date increase of 28.43%.

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