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AVAX price to hit new all-time high at $80 as Avalanche bulls take over

  • AVAX price is traversing a bull flag pattern, eyeing a retest of $77.48.
  • There is still a 25% upside potential for Avalanche to rally.
  • A breakdown of the $48.44 support floor will invalidate the bullish outlook.

AVAX price rose exponentially after breaking out of a crucial resistance level on September 10. However, this uptrend was cut short as the markets collapsed on September 12, which led to a quick retracement. However, Avalanche seems to be back on track and ready to continue its rally.

AVAX price on path to set up new all-time highs

AVAX price seems to be traversing a bull flag pattern. This technical formation contains an exponential upswing known as a flagpole followed by a downward sloping parallel channel referred to as the flag.

Avalanche price rose 220% from August 17 to August 24, forming the flag pole and the consolidation that followed created the flag. This setup forecasts a 67% upswing to $77.45, which is the length of the flagpole added to the breakout point at $46.24.

AVAX price breached the flag’s upper trend line on September 10 and has rallied 32% so far. While this climb might seem overextended, the upside potential for the bulls appears to be capped at around $77.48, roughly 25% away from the current position.

To reach a new all-time high, the AVAX price needs to slice through the September 12 swing high at $63.91. A decisive close above this barrier will open the path for a 25% ascent.

In a bullish case, the rally might extend to $80, which could be the next all-time high.

AVAX/USDT 9-hour chart

AVAX/USDT 9-hour chart

On the flip side, if AVAX price fails to slice through $63.91, a retracement to $55.63 might ensue, where the buyers can make a comeback. However, an increased selling pressure that pushes Avalanche price to produce a lower low below $48.44 will invalidate the bullish thesis.

In that case, AVAX price might crash to the stable barrier at $43.04.

Author

Akash Girimath

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.

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