AVAX Price Prediction: AVAX, the cryptocurrency of layer one blockchain witnessed a notable inflow within a week, highlighted by two long green candles in the daily chart. This upswing recorded 33% and surpassed the neckline resistance of the cup and handle pattern at $50. This breakout signals the buyer’s escape from two years-long accumulation and the start of a sustainable uptrend.
What’s Ahead for AVAX after $50 Breakout?
Avalanche Price| Tradingview
The Avalanche coin is now riding a steady recovery initiated in late January when the price rebounded from $27.24. A V-shaped recovery from this support surged the altcoin 109 within seven weeks to reach $56, while the market cap soared to $21.3 Billion.
An analysis of the daily chart shows this upswing breaks the neckline resistance of the bullish reversal pattern called cup and handle. In theory, this pattern formation is a sign of downtrend bottoming as the emergence of a new recovery.
The Avalanche price has been developing thi
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