AVAX Price Prediction: Avalanche eyes new all-time high at $130
- AVAX price is ready for launch into the stratosphere as it retests its all-time high at $78.52.
- Avalanche is traversing a bull flag pattern and forecasts a theoretical target at $130.
- A breakdown of the $65 support floor will invalidate the bullish thesis.
AVAX price has been on a solid upswing since October 18 and shows no signs of stopping even as it approaches its all-time high. This move could extend further, pushing Avalanche’s market value into the triple-digit territory.
AVAX price looks to continue its ascent
AVAX price has been on a constant upswing since November 1, which began on October 20, after a breakout from the bull flag pattern.
Avalanche rose 153% from September 7 to September 23, creating a flag pole. This move was followed by a consolidation in the form of a descending parallel channel known as a flag. This setup forecast a 153% ascent, obtained by adding the flagpole’s height to the breakout point.
The conservative way of determining the theoretical target includes adding the 153% measure to the last tap of the flag’s lower trend line, which yields a target of $129.18. Interestingly, this level coincides with the 161.8% Fibonacci extension level.
So far, AVAX price has tapped the current all-time high at $79.68 and wicked up to $80.65. Although it set up a record high, investors can bank a volatile move after AVAX price produces a daily close above $80.
AVAX/USDT 12-hour chart
While AVAX price looks bullish, a failure to close above $80 will indicate a weakness among buyers. In such a case, Avalanche might retrace to $70 or the support floor at $65. A breakdown of the $60.17 barrier will invalidate the bullish thesis for AVAX price. In this scenario, Avalanche might head toward $54.78.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
