Avalanche (AVAX) To Rise Further? Key Breakout Signals Potential Upside Move
By: coinsprobe|2025/05/10 14:45:04
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Date: Sat, May 10, 2025 | 06:15 AM GMTThe cryptocurrency market continues to build on its recent strength, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC has crossed the $103K mark, while ETH has soared more than 44% in the past 30 days, now trading above $2,300 — its highest level in months. This bullish wave is spilling into altcoins too, including Avalanche (AVAX).AVAX is currently up over 7% today, pushing its monthly gain to an impressive 30%. Now trading near $24, the altcoin is showing strong bullish structure — and based on the current chart, this rally might just be getting started.Source: CoinmarketcapInverse Head and Shoulders Breakout DetectedOn the daily chart, AVAX is showing a textbook inverse head and shoulders pattern — a classic bullish reversal setup.Avalanche (AVAX) Daily Chart/Coinsprobe (Source: Tradingview)The left shoulder formed in early March.The head was carved out on April 7 when price dropped to a low of $14.65.The right shoulder recently formed near the 50-day moving average support.This week, AVAX broke out above the neckline resistance around $23.46, a key technical level that had been capping the price for weeks. The breakout was accompanied by strong bullish candles and a volume uptick, confirming the move. AVAX is now trading near $23.88, a sign that bulls are in control.What’s Next for AVAX?While this breakout is encouraging, bulls will want to see either a successful retest of the neckline or sustained momentum above it. If that happens, the next upside target sits at the yellow resistance zone around $27.22, which would be a 16% gain from the breakout level.If bulls push beyond $27, the next major resistance sits much higher — in the green resistance zone between $35–$36, as highlighted in the chart. A move to this zone would represent an upside of over 50% from the neckline breakout.With improving sentiment, a confirmed bullish reversal pattern, and momentum across the altcoin space, AVAX could be setting up for a strong run in the weeks ahead.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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