If AVAX holds above the $26 support, it may trigger a 183% price rise. AVAX's market share has grown to 0.92%, showing increasing demand and interest.
Popular crypto trader Captain Faibik has predicted a potential major price breakout for Avalanche (AVAX). If AVAX manages to hold support at $26, it could trigger a 183% price rise, leading to a possible surge towards $45.
Captain Faibik has identified a descending wedge pattern on AVAX’s price chart, which is often viewed as a bullish technical formation. This pattern has been forming since March 2024, with AVAX's price moving in a series of lower highs and lower lows. Recently, AVAX's price has pushed up from the upper line of the wedge, indicating a shift from a downtrend to an uptrend.
According to Faibik, if this breakout continues, it could lead to a 183% increase in AVAX’s value, pushing it up to around $45.5. He compares this to AVAX’s strong performance in late 2023, where it saw significant gains under a similar market setup. Based on this analysis, AVAX may be gearing up for another rally.
At the time of writing, AVAX is trading at around $28.13. Captain Faibik highlights the crucial support at $26, which is key for AVAX’s next move. If the price stays above this level, it could trigger the predicted price rise.
However, AVAX also 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, which is slightly below the neutral 50 level. This indicates that the market is leaning towards bullishness, but not yet considered overbought, suggesting that there could still be room for price growth.
Over the past year, Avalanche has performed well, with returns of around 210%. At the same time, AVAX's share of the total crypto market has increased from 0.50% to 0.92%, indicating a growing demand for AVAX compared to other cryptocurrencies.
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