With a bullish pattern breakout in the weekly timeframe, the turnaround story for Avalanche crosses another milestone. Rising with immense demand and charting into the top gainers list, the AVAX price is starting another week on a bullish note. Will this increased momentum rally drive the altcoin to $100 or is a pullback looming?

Also Read: Top 3 Altcoins To Buy Likely To Turn $10 Into $1000 This Week

Is Avalanche Price Heading to $100?

Avalanche Price| Tradingview

Maintaining high bullish momentum with a turnaround from the 100-day EMA, the AVAX price shows an impressive bull run. With a 123% rise in the last two months, the Avalanche market price has successfully surpassed the $50 psychological mark. 

Further, the bullish revival leads to the $60 break as the Avalanche price currently trades at $63.35. With an intraday growth of 3.76%, altcoin is forming the second consecutive bullish candle. 

Moreover, with the surge in trading volume supporting the bullish rally, the altcoin will likely break multiple overhead barriers. Finally, the short-term perspective aims to hit the psychological mark of $100 in the coming weeks. 

Also Read: Bitcoin Price Prediction: How $12B BTC ETF Inflow Signals Breakout To $80K

Bullish Reversal Breaks Cup and Handle Pattern

Avalanche Price| Tradingview

In the weekly time frame chart, the AVAX price shows the formation of a well-known reversal pattern cup and handle. The chart setup developing for nearly two years indicates a notable impact on AVAX price and its market participants. A recent breakout from the pattern’s neckline resistance could push the altcoin to a theoretical target of $90. Upon reaching this target, AVAX may then test the more formidable $100 resistance level. 

Also Read: Avalanche (AVAX) Price Rallies 12% As Binance Announcement Boosts Market Sentiment

Exponential Moving Average: A notable upswing in the daily EMAs(20, 50, 100, and 200) reflects an aggressive bullish trend in this asset.
Directional Movement Index: The bullish alignment of the DI lines expanded with the recent comeback. Further, the DI line is rising, indicating a recent pump in trend momentum. 

The post Here’s How Reversal Pattern Sets Avalanche Price For 45% Breakout Rally appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am