Avalanche (AVAX) and FET are gaining attention due to bullish breakouts from critical chart patterns. AVAX has broken out of a falling wedge, while FET has confirmed an upside breakout from a descending broadening wedge.
These breakouts may signal strong upward momentum for both assets in the near term.
What you'll learn 👉
AVAX Breaks Out of Falling Wedge
According to Captain Faibik, an analyst, Avalanche (AVAX) is exhibiting bullish strength following its breakout from a falling wedge pattern on a 3-day timeframe.
The falling wedge, typically a reversal pattern, consists of a downward-sloping resistance line and a similar support line. The breakout above the upper resistance line suggests a potential trend reversal, shifting the momentum from bearish to bullish.
The breakout has initiated a new support range between $25 and $26, which was previously the resistance level of the wedge. AVAX is currently still eyeing a massive pump, with the intended price spike pegged at $71.50, meaning there is a potential 183.07% from its current price which is around $28.17.
However, AVAX faces resistance at key levels. The first challenge lies around $31.50, where previous price consolidation occurred. Beyond this, the price may encounter strong resistance between $45 and $50, which served as a critical zone in previous price movements. If AVAX maintains its bullish momentum, it could ultimately reach the $71.50 target.
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FET Confirms Upside Breakout
Further analysis by Captain Faibik indicate that FET has broken out from a descending broadening wedge pattern, signaling potential bullish continuation. A descending broadening wedge typically indicates a reversal, and FET’s breakout above the upper trendline suggests a possible shift from its previous downward trajectory.
FET is currently supported around $1.40, which aligns with the breakout level. The immediate resistance lies between $1.70 and $1.75, where the price is hovering post-breakout. However, the medium-term target for FET is much higher, with projections pointing towards $3.90.
Reaching the $3.90 target would require overcoming interim resistances at $2.00 and $2.50. These levels are crucial psychological and historical resistance zones that could affect the asset’s ability to continue its bullish run.
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