Avalanche (AVAX) prices show positive dynamics after breaking out of a descending channel. Analysts point to critical support levels and forecast further growth.
Current Price Dynamics of AVAX
Avalanche (AVAX) price broke out of a descending channel two days ago and has been moving higher since. Analyst Jonathan Carter believes this setup could lead to one of the biggest moves AVAX has seen in a while.
Chart Analysis and Support Levels
According to Carter, Avalanche is bouncing from the lower side of a symmetrical triangle on the weekly chart. This support level has held for months, stopping every major drop since 2023.
Price Projections and Targets
If the current trend continues, potential target prices could be $30, $55, and eventually $120. Carter highlights that weekly chart patterns often lead to the largest market movements.
Overall, the price of AVAX shows potential for growth. If it maintains key support levels and continues to rise, further increases in value can be anticipated.
