The price of Avalanche’s AVAX token has seen significant gains today, trading up over 10% to around $35.8. Crypto market analysts have pointed to technical signals that could indicate further upside for the asset.
Breaking Out of Descending Channel
Cryptocurrency trader “World of Charts” noted on Twitter that AVAX is “Breaking Descending Channel In H4 Tf.” This refers to AVAX breaking out above a downward sloping price channel on the 4-hour time frame chart. “World of Charts” believes that if this breakout holds, it would confirm a bullish wave targeting $50.
Repeat of Previous 300% Surge Possible
Another market analyst using the handle “JAVONMARKS” also sees potential for an extended AVAX price surge. “Prices look to be starting to heat up again and the recent pullback may have only added strength,” he tweeted.
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Show more +“JAVONMARKS” sees a technical pattern that could support a 3x gain from current levels, which would match the over +300% surge AVAX saw previously. Hitting his upside target of $121 would require a further 234% advance. With crypto assets often seeing dramatic price moves, he believes this feat could be “more than feasible.”
So in summary, technical signals on the charts along with bullish analyst sentiment seem to be driving renewed upside momentum for AVAX as of today.
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