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Two major altcoin projects in the cryptocurrency market, Avalanche (AVAX) and dYdX (DYDX), are at a notable point from a technical analysis perspective. Both altcoins continue to move within a falling wedge formation, with a significant directional change expected soon. According to experienced crypto analyst Captain Faibik, these formations typically result in upward breakouts, indicating a positive future for investors.
225% Rise Scenario for Avalanche
AVAX has been moving within a falling wedge formation for the past few weeks. These formations are generally considered to signal the end of a downtrend and the potential for a rise. AVAX’s current position is quite close to the bottom levels of the formation. Captain Faibik expects the price to find strong support from the formation’s support trendline and make an upward jump.
The analyst expects AVAX to rise to $70 in the short term if the anticipated recovery scenario occurs and the formation breaks out. This indicates a gain of over 225% for the altcoin, which is currently trading at $21.37.
175% Rise Scenario for dYdX
DYDX, similar to AVAX, is also moving within a falling wedge formation. Despite recent fluctuations, DYDX has managed to stay within this formation.
At the current point, which is approaching the final stages of the formation, the analyst expects an upward breakout. If DYDX achieves this breakout, a significant rise in its price could occur, offering a substantial profit opportunity for investors.
According to Captain Faibik, if DYDX breaks the resistance trendline of the formation, the price is expected to rise above $3.1. For DYDX, which is trading at $1.09 at the time of writing, this scenario corresponds to an increase of over 175%.
