Cryptocurrency market volatility persists, with Bitcoin (BTC) hovering around $110,000 and Ethereum (ETH) at $4,300. Amidst this turbulence, Avalanche (AVAX) is exhibiting early signs of strength, forming a Symmetrical Triangle pattern on the chart.
On the daily chart, AVAX is forming a Symmetrical Triangle pattern, a configuration often considered a continuation structure, but one that can break in either direction depending on momentum. The recent rejection from the resistance line near $26.75 pushed the price toward its support base around $22.74. However, buyers defended this level convincingly, triggering a rebound. This recovery allowed AVAX to reclaim its 50-day moving average, signaling early resistance.
The triangle has consistently narrowed, suggesting a breakout is approaching. Traders will closely monitor AVAX as it approaches the apex of this consolidation.
If AVAX manages to decisively break above the resistance line near $26.20, supported by significant volume, it would confirm bullish momentum and could trigger a rally toward the technical target of $33.00 based on the measured move projection from the triangle.
Conversely, failure to maintain momentum and a drop below $22.74 would expose AVAX to a deeper pullback before any fresh recovery attempt.
In conclusion, the Symmetrical Triangle pattern forming on AVAX’s chart suggests the token might be poised for a significant breakout. Savvy investors will closely monitor the upcoming developments of this key technical pattern.
The token could be on the verge of a significant breakout. Here’s how to seize this unique opportunity on Bitget right now:
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