AVAX and FET are gaining attention due to bullish breakouts from critical chart patterns. These breakouts may signal strong upward momentum for both assets in the near term.
AVAX Breakout from Falling Wedge
According to analyses by Captain Faibik, AVAX is exhibiting bullish strength following its breakout from a falling wedge pattern on a 3-day timeframe. The falling wedge, typically a reversal pattern, consists of a downward-sloping resistance line and a similar support line. The breakout above the upper resistance line suggests a potential trend reversal, shifting the momentum from bearish to bullish. The new support range is established between $25 and $26, which was the previous resistance level of the wedge.
FET Breakout from Broadening Wedge
Further analysis by Captain Faibik indicates that FET has broken out from a broadening wedge pattern, signaling potential bullish continuation. A broadening wedge typically indicates a reversal, and FET’s breakout above the upper trendline suggests a possible shift from its previous downward trajectory. FET’s support level is around $1.40, which aligns with the breakout level. The immediate resistance lies between $1.70 and $1.75, where the price is hovering post-breakout.
Potential Growth Targets
The growth target for AVAX is set at $71.50, implying a potential 183.07% increase from its current price of around $28.17. However, AVAX may face resistance at approximately $31.50 and in the range of $45-$50. For FET, the midterm growth target is set at $3.90. Reaching this target would require overcoming interim resistances at $2.00 and $2.50.
The breakouts of AVAX and FET from key chart patterns suggest significant growth potential in the near future, despite potential resistance levels.
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