Bitcoin and the entire crypto market faced a massive rejection from the newly formed highs after the bulls failed to hold the rally around the gains. However, after facing a minor sell-off, a popular altcoin, Avalanche (AVAX), is gearing up and about to explode. Mainly because the token is closely consolidating above the gains and the bulls have regained their dominance.
The AVAX price has firmly sustained above $55, which is also the neckline of the parabolic recovery curve, indicating a huge price action is yet to begin. From a larger perspective, the token has accomplished a major bullish pattern and hence a massive breakout may be expected regardless of the ongoing bearish action.
The above weekly chart displays that the price has accomplished a ‘cup and handle’ pattern, which may result in a major breakout. Moreover, the current weekly candle has already surpassed the crucial resistance zone, suggesting the next phase of the bull run may have already begun. Besides, the volume remains at decent levels and the DMI has triggered a bullish divergence. The +Di & -Di were about to undergo a bearish crossover, but the latest price action caused the +Di to display a bullish divergence.
Therefore, the current trade set suggests that the Avalanche (AVAX) price may have just begun exhibiting its strength and hence may go a long way beyond the current ATH. Hence, the price is believed to maintain a healthy upswing and reach a three-digit figure before the end of the month. Further, with the successful completion of Bitcoin halving, the markets are expected to be more bullish, causing a fresh upswing in the price.
This news is republished from another source.
