World of Charts reported on the price trajectory of Avalanche (AVAX), highlighting its breakout from a descending channel pattern. The analyst presented a chart featuring a descending wedge formation, recognized as a bullish technical pattern that often indicates a reversal of a downtrend.
AVAX had been trading within this wedge for several months before successfully breaking out. This breakout above the upper trendline signifies a shift towards a bullish trend. The analyst noted that AVAX has commenced its recovery, which correlates with the upward movement depicted in the chart.
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Since the breakout, AVAX has experienced a 20% increase in value. The chart illustrates this rise, with the highlighted blue box showing. This substantial gain serves as a strong confirmation of both the breakout and the bullish momentum.
Looking ahead, traders are likely to target previous resistance levels between $40 and $45. These levels are anticipated as potential test points for AVAX, should the bullish momentum persist.
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