AVAX price is holding near $28.69, and traders are watching closely for signs of the next big move.
A new chart update on X (formerly Twitter) from Degencoder lays out an Elliott Wave pattern that points to a possible breakout.
He believes AVAX is finishing Wave (4) of a five-wave cycle, with a potential Wave (5) run aiming for $45-$50 if key supports stay in place.
What you'll learn 👉
AVAX Price Structure and Wave Setup
The AVAX chart tracks a classic five-wave sequence. AVAX saw an early Wave (1) push, a deeper Wave (2) pullback, and a strong Wave (3) rally into the mid-$30s.
The current Wave (4) dip has pulled AVAX price into the $28-$29 area, which the analyst sees as a key zone for the next launch.
The broader trend still points up, with higher highs and higher lows shaping the move since summer. If this count holds, Wave (5) could carry price into the $45-$50 range, lining up with a long-term trendline near $47–$48 that could act as the next major ceiling.
Three AVAX Price Levels to Watch
The first level on traders’ radar is $28-$29, the heart of the current Wave (4) base. Staying above this range keeps the bullish setup alive.
A drop below $25 would invalidate the wave count and could pull AVAX price back toward $23-$22 or even $20-$19, with deeper support near $15.
Next comes the $31-$32 area. A close above this zone would hint that Wave (4) is complete and signal a return to higher highs. After that, $34-$36 stands out as the next key hurdle and a step toward the $40 mark that precedes the projected $45-$50 target.
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What’s Next for AVAX
The tweet underscores patience and timing. It warns that many traders exit too early during Wave (4), while seasoned players wait for confirmation of the next move.
A close above $31-$32 in AVAX price would firmly establish the move toward Wave (5) and set the stage for $40 and higher. Conversely, a definitive break below $25 would threaten the uptrend and probably postpone any fresh rally.
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