With Bitcoin taking a recoil action to come closer to the $40K mark following the fall earlier this week, the altcoins bounce back. With Avalanche’s price under a pullback phase, the buyers are preparing a bullish break to reignite the uptrend. Hence, with this sudden turning tide in the market sentiments, the AVAX price is ready to shoot up to $40.
As the price action teases a conclusion to the pullback phase, the breakout anticipations are on the rise. Further, our bullish AVAX price prediction support the long-term bull run prospective in Avalanche.
Source – Tradingview
With the bearish price action over the past few weeks forming a falling wedge pattern, the AVAX price is now ready for a blazing comeback in 2024. As th buyers prepare a strong fort at $28, Avalanche is ready for a turnaround-driven breakout run.
Further, with the confluence of multiple support levels like the 50% Fibonacci level and the $30 psychological mark, the bulls are gaining speed. Such elements of driving strong optimism fuel the breakout anticipations in Avalanche HODLers.
Currently, the AVAX price trades at $30.5 and shows a minor intraday pullback as buyers aim to challenge the overhead resistance trendline. Under such conditions, cautious sideline traders can find the waiting game as a positive move before finding any breakout signals.
Technical indicators:
RSI: The daily RSI line moves onto a sideways track as it finds itself too close to the oversold boundary line. With the sellers losing ground, the RSI line may soon cross above the halfway line.
Also Read: SOL Price Recovery Eyes $100 Break, Should You Be Buying NOW?
Will AVAX Price Cross $50?
As Avalanche is one of the top-performing coins in the recent market bounce back, the altcoin shows a high probability of sustaining the bull run. This increases the breakout possibility of the falling wedge pattern and may lead to a quick rise in AVAX price.
Therefore, in case the market recovery continues, the AVAX price can reach the $50 mark with the pattern breakout. However, if the prices drop below $28, the Avalanche market price could retest the $24 breakout.
