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Avalanche‘s AVAX price correction, which has postponed its dreams of reaching $100, has shifted the focus to preventing a drop below $30. As the downward trend leads to a 50% drop, the altcoin appears to be forming a falling channel pattern on the daily chart. Buyers aim to prevent the price from falling below $30, while the underlying sentiment suggests a potential shift from a bearish to a bullish trend. In a market where expectations for an altcoin season are rising, AVAX’s chances of reaching $100 by year-end are gaining strength.
Double Bottom Formation and Potential Channel Breakout
Despite facing a significant pullback, AVAX finds support around $30, signaling a potential double bottom formation, a significant bullish signal. The Altcoin‘s price is now showing signs of breaking the general trend line at $34.59, with a possible breakout from the falling channel.
With AVAX’s price exiting the falling channel, an increase in upward momentum and a strong upward move in the popular altcoin can be expected.
MACD and the signal line, being above the zero line, indicate a possible recovery showing bullish signs. Additionally, the intertwined lines display a bullish trend. The RSI line on the daily timeframe also shows a bullish breakout on the chart, increasing the likelihood of a bullish trend.
Can AVAX’s Price Exceed $50?
With rising bullish expectations, AVAX may offer an attractive entry point for new investors. Momentum indicators support this bullish scenario and point to the potential for a breakout from the channel formation.
In the event of a breakout, the emerging bullish trend on the AVAX chart could drive the price to $50 or the 50% trend-based Fibonacci level. In the worst-case scenario, the price could fall below $30, facing a significant drop. In such a scenario, a potential pullback to $20 could be expected.
