Avalanche (AVAX) price broke out of a descending channel pattern two days ago. Since then, it has been moving higher, and the current momentum suggests it might keep going. Analyst Jonathan Carter says this setup could lead to one of the biggest moves AVAX has seen in a while.
Jonathan Carter explained that Avalanche is bouncing from the lower side of a symmetrical triangle on the weekly chart. This area has been a strong support level for months, stopping every major drop since 2023. The bounce is happening close to the 50-week moving average, which often helps push prices higher.
Carter says this is a major breakout setup. If it plays out, his next price targets are $30, then $55, and finally $120. He also points out that weekly chart patterns usually lead to the biggest moves in the market.
What AVAX Chart Shows and What Is Next?
Carter’s chart shows AVAX trading inside a big symmetrical triangle that started forming in late 2021. The top line is a descending resistance that has blocked every rally, while the bottom line is an ascending support that has kept price drops from going further. The price is now near the lower side of the pattern and is starting to move up again.
The volume profile shows a lot of trading around $12 to $17, which has been a solid base for the bounce. The RSI is also moving higher without being overbought, which means momentum is building. If AVAX can break above the triangle, the next major resistance zone is between $100 and $120.
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Right now, Avalanche price is staying above its key support. As long as it holds this level and trades above the moving average, the bullish outlook remains. The first target is $30. If momentum keeps building, $55 is next, and $120 could be possible later.
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