AVAX price targets new all-time highs as bullish formation emerges
- The AVAX price is forming a bullish chart pattern, suggesting a new high for the token.
- If Avalanche does manage to break above $ 123, then a 41% rally would be on the radar.
- AVAX Bulls are eyeing their next goal at $ 174.
The AVAX price is currently forming a bullish chart pattern that could set a new all-time high for Avalanche at $ 174. The token must overcome a series of challenges ahead, including the most difficult hurdle at $ 123, for the bullish outlook to validate.
AVAX price expects 41% rise
The AVAX price produces an inverted head-and-shoulders pattern on the 12-hour chart, suggesting a massively bullish forecast for the token.
However, investors should note that the bullish target of a 41% rally to $ 174 will only be on the radar if Avalanche manages to slice above the neckline of the governing technical model at $ 123.
The AVAX price is forming the right shoulder of the dominant chart pattern. An increase in buying pressure could see Avalanche hitting the neckline, but not without tackling a few hurdles first.
The first resistance line for the AVAX price is at the 50 twelve hour simple moving average (SMA) level at $ 101 and then at the 100 twelve hour SMA level at $ 105. The 61.8% Fibonacci retracement level will then act as an additional hurdle for Avalanche at $ 106.
Before approaching the neckline of the inverted head-shoulders pattern, the AVAX price will also face a headwind at $ 115, where the 21 twelve-hour SMAs intersect with the Fibonacci retracement level at 78.6. %.
12 Hour AVAX / USDT Chart
The AVAX price will face another challenge at the neckline of the governing technical model at $ 123, coinciding with the resistance line given by the Dynamics Reversal Indicator (MRI) before the 41% rally hits. be put on the radar.
However, if the selling pressure increases, the AVAX price will discover immediate support at the 50% retracement level at $ 100. The next lines of defense are at the 38.2% Fibonacci retracement level at $ 94, and then at the 23.6% Fibonacci retracement level at $ 87, coinciding with the 200 twelve-hour SMA and the line of support given by MRI.