A great deal of people in the bitcoin community were very excited when the Avalanche (AVAX) smart contracts tool told them about a possible rise. A widely recognized expert named World of Chart has found a positive fundamental trend that could soon cause Avalanche prices to reach all-time highs.
On the AVAX price chart, this shape is known as a “falling wedge” by World of Chart. This trend shows up when prices stay the same for a while. To make it, two trend lines meet and start to slope down.
Because the wedge’s price range has become lower, it shows that buyers are getting more confident. Usually, a break above the upper trendline means that prices are going to go up. This could mean that the decline is over.
World of Chart says that AVAX could go up by an enormous amount if it breaks above the upper trendline of the falling wedge.
AVAX’s Technical Support
Crypto fans, especially those who pay close attention to technical analysis, have been talking and guessing about this breakout.
Even though there is a chance for a bullish breakout, World of Chart stresses that the cryptocurrency market is naturally unstable and unsure, warning that outside factors can have a significant impact on price changes.
A falling wedge pattern and other technical signs seem to support the idea that AVAX will go up. A recent price rise of more than 16% in one week is a sign that investors may be changing how they feel.
There have been a lot more trades, which means the market is busier and buyers are interested in AVAX more.
Price changes and any signs of a rise will get an abundance of attention over the next few days. If the breakout works, people who buy AVAX could make an enormous amount of funds. Investors might not be as positive if it does not, though.
