AVAX token surges 10%, breaking out of a descending channel on the four-hour chart.
Analysts foresee a potential surge to $50 or a threefold gain to $121.
Technical signals suggest a recent pullback adds strength, possibly leading to a repeat of a previous 300% surge.
Avalanche (AVAX) has experienced a substantial surge of over 10%, reaching approximately $35.8. This surge has caught the attention of crypto market analysts who are now eyeing potential bullish trends for the asset.
One significant development noted by cryptocurrency trader World of Charts is the breakout of AVAX from a descending channel on the four-hour time frame chart. This technical signal suggests a positive trend, and if the breakout holds, it could confirm a bullish wave targeting $50.
$AvaxBreaking Descending Channel In H4 Tf Incase Of Successful Breakout Expecting Bullish Wave Towards 50$#Crypto #Avax #Avaxusdt pic.twitter.com/tBDlklgvjr— World Of Charts (@WorldOfCharts1) January 28, 2024
Adding to the optimistic outlook is market analyst Javon, who sees the recent pullback in AVAX’s price as a potential strength indicator. According to this analyst, prices seem to be heating up again, and the pullback might have fortified the asset for further gains.
Pointing to a technical pattern, Javon envisions the possibility of a threefold gain from current levels, similar to a previous surge of over 300%. To achieve this, AVAX would need to advance by a substantial 234%, reaching an ambitious target of $121.
The crypto market is known for its dramatic price movements, and with technical analysts expressing confidence in the bullish potential of AVAX, investors are eagerly watching for further developments. The anticipation of a repeat performance and the positive sentiment surrounding the recent breakout from the descending channel are driving speculation about the token’s future trajectory.