Avalanche Crypto Targets $240 Amid Bullish Cup And Handle Pattern
The post Avalanche Crypto Targets $240 Amid Bullish Cup And Handle Pattern appeared on BitcoinEthereumNews.com.
Avalanche (AVAX) crypto is drawing significant attention as analysts suggest a bullish setup on the weekly chart, with a possible price target of $240. This optimism is driven by a Cup and Handle pattern identified by the analyst best_analysts, which often signals a long-term upward trajectory. Meanwhile, short-term trade strategies highlight potential opportunities within current price levels. Cup and Handle Pattern on Weekly Chart Best analysts have suggested that Avalanche crypto is in the process of forming a Cup and Handle pattern, which is bullish. The “cup” is an intermediate accumulation phase that is defined on the weekly chart by a rounded bottom. This phase shows further improvement and continuing upward trend as well as increasing confidence of investors. – Advertisement – Source: X The ‘handle’ phase, a short term consolidation, frequently precedes a break out. The handle seems to be at the final stage, indicating a bullish breakout. If this setup is valid, then AVAX price could be on its way to hit a long-term target of $240. Moving Averages and Fibonacci Levels This can be seen from the fact that key moving averages are pointing towards the upside. The Avalanche crypto price is above the 200 -Week Moving Average a crucial long-term support trend line. Also, 50-Week Moving Average is below the price indicating that short term bullish trend remains intact. Fibonacci retracement levels also indicate major levels of resistance and support. The 0.618 level at $48 and the 1.00 level at $60 are critical resistances before the price can begin its ascent to $240. The 0.5 retracement level at $36.84 has acted as a strong support to the upward trend, strengthening the bullish outlook. Avalanche Crypto Short-Term Trade Strategy Analyst ValeriyaApex also presents a short-term trade setup for traders in the 4-hour order block, where institutional players…
Filed under: News - @ January 10, 2025 5:26 pm