The post Avalanche (AVAX) Poised for Potential 200% Rally Amid Bullish Breakout Pattern appeared on BitcoinEthereumNews.com.

Avalanche (AVAX) witnessed a significant shift in momentum after a prolonged period of price decline. Several metrics indicate a potential breakout, sparking optimism among investors. AVAX’s price movements suggest the formation of a bullish pattern, hinting at a possible rally. Avalanche (AVAX) poised for a potential surge as bullish patterns emerge and investor confidence grows. AVAX Breaks Month-Long Decline with Green Daily Chart After experiencing a double-digit price decline for over a month, Avalanche’s (AVAX) daily chart finally turned green. The token, which saw a price drop of more than 18% in the previous month, showed signs of recovery as it consolidated within a specific pattern. As of now, AVAX is trading at $26.15, boasting a market capitalization of over $10 billion, which ranks it as the 13th largest cryptocurrency. Investor Sentiment and Long-Term Holder Confidence Analysis from COINOTAG and IntoTheBlock indicates a growing confidence among long-term holders of AVAX. The number of addresses holding the token for over a year has been rising, signaling that investors anticipate a substantial price increase. This trend reflects a positive outlook, despite recent market bearishness. Bullish Patterns and Technical Indicators Crypto analyst Captain Faibik recently highlighted a bullish falling wedge pattern forming in AVAX’s price chart. This pattern, which developed earlier this year, suggests a potential breakout that could trigger an impressive rally. According to Faibik, a successful breakout might lead to a significant price increase, potentially elevating AVAX into the top 10 cryptocurrencies by market cap. On-Chain Data and Market Sentiment Further analysis of on-chain data from Santiment reveals that AVAX’s weighted sentiment remains negative, reflecting the prevailing bearish sentiment in the market. However, the token’s funding rate showed a decline on July 14, which often precedes a price movement in the opposite direction. This trend hints at an impending price increase…

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Filed under: News - @ July 15, 2024 1:08 am