Is Avalanche About To Blow? Don’t Miss This Potential Breakout – Analyst

Christian Encila

1 year ago

3 mins read

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With a possible breakout signal, Avalanche (AVAX) smart contracts platform is causing buzz in the crypto scene. Notable analyst World of Chart has found a positive technical pattern that can drive AVAX prices far higher in the next days.

Falling Wedge Pattern Hints At Upside

World of Chart brings out on AVAX’s price chart a “falling wedge” pattern. Usually forming in a consolidation phase, this trend forms with price activity limited between two convergent trendlines sloping downhill.

$Avax

Forming Falling Wedge Incase Of Breakout Expecting Upside Continuation Successful Breakout Can Lead Massive Rally In Coming Days#Crypto #Avax pic.twitter.com/YJHJYarrSw

— World Of Charts (@WorldOfCharts1) May 5, 2024

The main feature of this trend is the declining price range inside the wedge, which implies a building of purchasing demand. Often read as a positive indication of a possible reversal of the downtrend and the beginning of a price surge, a breakout from the top trendline.

Avalanche Poised For Takeoff?

Based to World of Chart, AVAX may witness a notable increase should it be able to surpass the upper trendline of the declining wedge.

This climb following the breakout could cause a significant price rise, therefore confirming the optimistic development. The professional notes the prospect of notable momentum and an explosive upward surge.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

Particularly those who closely study technical analysis, the likelihood of an AVAX breakout has sparked debates and speculation among crypto investors and traders.

Investor Caution Advised Despite Bullish Outlook

World of Chart stresses the natural volatility and uncertainty of the bitcoin market even when there is great possibility for a bullish breakthrough. Price fluctuations can be greatly influenced by outside elements apart than technical analysis.

Technical Indicators Paint A Positive Picture

Apart from the declining wedge formation, other technical indicators seem to be supporting the positive story for AVAX. The recent over 16% price rise in one week points to possible investor mood change.

Additionally, the impressive surge in trading volume signifies heightened market activity and growing investor interest in AVAX.

Source: Coingecko

Eyes On The Prize: Will Avalanche Deliver?

The next days will be vital since everyone is staring at the price movement and any indication of a breakout. While a failed breakout would lower investor enthusiasm, a good breakout could result in major benefits for AVAX holders.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.