AVAX price could reach $115 as Avalanche breaks past resistance
- AVAX price has broken past a parallel channel
- Avalanche now consolidates above the weekly supply zone
- A break above $90 could send prices to $115
AVAX price has broken out of a parallel trend channel where it was contained, and now it is currently consolidating above it at $84.35. Traders should look for bullish signals as prices could violently charge upwards.
AVAX price could moon
AVAX price has been consolidating for the last few weeks. It was mentioned in this month’s previous thesis that AVAX could potentially breakout past the daily trend channel as a bullish indicator. The Layer 1 token saw its first signs of bullish confirmation this weekend as volume and price turned in favor, creating new highs at $92.
Avalanche price is now back in consolidation mode at $84 above the parallel trend channel and the weekly supply zone. The next target for AVAX price would be $115, a 35% increase from the current price to complete Wave D of the speculative triangle.
Thus, buy signals like a bullish engulfing candle closing above the current swing highs will be the safest entry.
AVAX/USDT 12-Hour Chart
Still, there is a chance for AVAX price to disappoint bullish traders.
Avalanche price has failed to close above the breakout zone on the 12-hour chart, which could be early evidence of bearish strength. Closing below $80 or back into the weekly supply zone could spell trouble, pushing AVAX price into the $65 and $60 swing lows.
Author
FXStreet Team
FXStreet
