- AVAX targets $126.03 as market sentiment shifts, signaling a potential bullish breakout from previous bearish trends.
- A confirmed breakout from a descending channel suggests a 121.18% gain, with AVAX eyeing a $42 target in the near term.
- Market accumulation and strong bullish momentum could drive AVAX toward long-term price targets, reinforcing its recovery.
According to Crypto analyst Javon Marks, Avalanche (AVAX) is still poised for a big price explosion, with the analyst targeting $126.03 on a breakout. The price action indicates a reversal from a bear trend to a potential accumulation phase. AVAX is presently trading at approximately $19.18, which is a market consolidating after a steep fall. A long-term target of $242.24 is also set, which is a potential bull run.
AVAX Signals Strong Recovery After Prolonged Downtrend
AVAX previously experienced a strong downward movement, leading to a major price decline. After reaching a low, the price formed a higher low, indicating a shift in sentiment. This development sparked an upward move, leading to a 390.39% increase from the higher low.
Source: Javon Marks
After hitting a local peak of $114.63, AVAX entered a consolidation phase. This pattern suggests market indecision as traders assess the next move. The price structure shows a transition from bearish to bullish, which could drive gains in the coming months.
Key resistance levels remain crucial for future price action. If AVAX surpasses these barriers, it could confirm the bullish momentum. The overall market structure signals potential accumulation, which may lead to further price expansion.
AVAX Breaks Out of Descending Channel, Eyeing $42 Target
A separate analysis done by crypto analyst Clifton Fx, AVAX’s breakout from a descending channel, Supporting bullish momentum. The price traded within a downward-sloping channel for months before breaking above the upper boundary at $21. This breakout suggests a potential trend reversal.
A strong bullish candle confirmed the breakout, showing minimal wicks, indicating strong buying pressure. The projected price target stands at $42, marking a potential 121.18% increase. If the bullish momentum persists, AVAX could achieve this level in the near term.
The descending channel pattern had multiple touchpoints. Strong bullish sentiment and higher trading volume suggest that AVAX’s surge is picking up steam. AVAX’s optimistic argument may also be strengthened by the resurgence of the larger cryptocurrency market. AVAX might keep rising in the direction of long-term price targets if significant resistance levels are breached.
