The cryptocurrency market frenzy is at its peak, with Bitcoin (BTC) and Ethereum (ETH) hitting new all-time highs. This positive wave is also spreading to top altcoins like Avalanche (AVAX).
On AVAX daily chart, we can observe the formation of a bearish ABCD harmonic pattern. Despite its bearish label, this type of configuration often results in a strong rally during the CD leg before reaching the final target.
The movement began with a rise from point A near $17.68 to point B, followed by a corrective decline to point C around $20.64. From there, buyers regained control, driving prices up to the current zone of $25.15, indicating that the CD leg is already in motion.
If the bullish momentum continues and Bitcoin‘s rise keeps stimulating the broader market, AVAX could head toward the potential reversal zone (PRZ) around $30.30. This zone will be critical, as historically, harmonic patterns often encounter strong resistance here, triggering either consolidation or a short-term pullback.
Nevertheless, the upside potential remains significant, representing approximately 20% from current levels. Seasoned crypto investors will closely monitor AVAX’s evolution in the coming weeks, as this altcoin could well be one of the best opportunities in the market right now.
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Before diving in, take time to examine market trends to maximize your chances of success.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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