The recent analysis of AVAX/USDT hints at market structures indicating potential for significant growth. A classic breakout-retest pattern commonly heralding strong bullish movement is examined.
Description of the Technical Pattern
The analysis of AVAX/USDT on the weekly timeframe reveals a classic breakout-retest pattern, indicating potential for significant upside. This pattern involves breaking a key resistance level and its successful retest as new support.
Importance of the Support Zone
The crucial support zone between $35 and $42 has shown remarkable resilience. Breaking above this resistance level and successfully retesting it as support confirms the strength of the ongoing uptrend. Currently, the price is trading at $48.
Target Range for AVAX
The technical projection suggests AVAX is positioned for a move toward the $150-$180 range. This target aligns with historical price action and key Fibonacci extension levels, though market participants should monitor the $35-$42 support zone closely.
The bullish trend in AVAX continues due to the successful validation of previous resistance as new support. Broader market dynamics, including Bitcoin's performance, remain influential in shaping AVAX's trajectory.
