The cryptocurrency market is showing positive trends, with Bitcoin and Ethereum posting significant results. Let's explore how these movements affect Avalanche.
Bitcoin and Ethereum: Market Leaders
Bitcoin (BTC) has surpassed the $103,000 mark, while Ethereum (ETH) has increased by more than 44% over the past 30 days, reaching a level above $2,300. This creates a positive backdrop for the entire cryptocurrency market.
Avalanche (AVAX) Analysis
Avalanche (AVAX) has recorded a rise of over 7% today, bringing its monthly gain to an impressive 30%. Currently trading near $24, AVAX is showing a strong bullish structure. The daily chart indicates an inverse head and shoulders pattern, signaling a possible trend reversal.
Outlook for AVAX
AVAX has broken above the neckline resistance at $23.46, which could signal continued growth. With a successful retest of the neckline, the resistance zone at $27.22 will become the next target, with potential further growth reaching levels between $35 and $36.
With sentiment improving in the market and a confirmed bullish pattern, Avalanche could be among the leaders in growth in the coming weeks.
