Avalanche (AVAX) is showing signs of a potential bullish reversal as it forms a Bullish Shark harmonic pattern. This development has caught the attention of traders and analysts alike, as it may signal a shift in market sentiment. The source reports that this pattern could lead to significant price movements in the near future.
The Bullish Shark Pattern and AVAX
The Bullish Shark pattern typically indicates that selling pressure is waning, suggesting that AVAX could be poised for a rebound. If the pattern continues to develop as anticipated, the first significant upside target is projected at around 1339. This level could serve as a crucial resistance point for the cryptocurrency.
Potential Risks and Key Levels
However, traders should remain cautious, as a sustained drop below the support zone at 1188 would invalidate this bullish scenario. Such a breakdown could lead to further declines, emphasizing the importance of monitoring these key levels in the coming days.
The HYPE token is currently experiencing a critical moment as it faces significant selling pressure, contrasting with the bullish signals seen in Avalanche (AVAX). For more details, see read more.
