AVAX is riding an upward wave of positive trend, and there’s an appreciative surge in line with the global bull trend, reflecting that there’s a reversal to expect. With Bitcoin getting stronger, it’s creating universal sentiment and turning the trend from bearish to bullish. Investors and traders are intently looking, feeling an imminent recovery. A confirmed break can hint at the onset of an imminent rally.
AVAX is currently trading at $23.10, with a 24-hour trading volume of $658.92M and a market capitalization of $9.66B. The AVAX price over the last 24 hours is up by 5.92%, and over the last week its price is up by 9.16% and signals a high potential for the next major journey.
AVAX Eyes Major Rally: Can It Reach $66?
According to the crypto analyst, Avalanche (AVAX) has just confirmed a breakout from a key ascending triangle pattern on the daily chart. An event that often precedes major upward moves in technical analysis. This surge arrives when broader sentiment in the markets is turning positive, with AVAX building momentum as one of the leading performers. Significantly, the move finds support in the Ichimoku Cloud, an often-used technical measure, which right now is indicating positive momentum, with the price action moving higher through and above the cloud and backing up positive signals.
The breakout prepares the stage for the possible rally, with target prices now in the picture at $48.00, $56.00, and $66.00. These are both psychologically relevant barriers and old resistance areas where historically significant support or resistance resides. $48 is an initial resistance, while $56 and $66 coincide with Fibonacci extension and old highs. Increasing volume and consistent price activity above the point of the breakout would affirm this bullish pattern and attract both retail and institutional capital.
But caution is advised, and risk should still be managed, A stop-loss at $40.00 is suggested, just below the triangle pattern’s support line. In the event of an unexpected reversal. Nevertheless, with Bitcoin (BTC) reversing into positive momentum and carrying the trend upward. AVAX stands strong to take advantage of this broad trend reversal. Provided that the trend is sustained, AVAX might just be moments away from an explosive move that alters its short- to medium-term landscape.
