Avalanche (AVAX) and FET Eye Potential 183% and 178% Rallies: Can They Hit $71.50 and $3.90 After Breakouts?

Avalanche (AVAX) and FET are gaining attention due to bullish breakouts from critical chart patterns. AVAX has broken out of a falling wedge, while FET has confirmed an upside breakout from a descending broadening wedge. These breakouts may signal strong upward momentum for both assets in the near term.

Avalanche (AVAX) and FET are both exhibiting bullish breakouts from critical chart patterns.

According to Captain Faibik, an analyst, AVAX is displaying bullish strength following its breakout from a falling wedge pattern on a 3-day timeframe. These breakouts may signal strong upward momentum for both assets in the near term.

AVAX Breaks Out of Falling Wedge

An analyst named Captain Faibik has highlighted a bullish breakout for Avalanche (AVAX) on a 3-day timeframe. The breakout occurs within the context of a falling wedge pattern, which is usually a reversal pattern.

On the 3-day chart, AVAX is exhibiting bullish strength following a breakout from a falling wedge pattern. Falling wedges, a type of bullish technical formation, are characterized by a wedge-shaped formation with two converging trendlines: a downward-sloping resistance line and a similar support line. A breakout above the upper resistance line suggests a potential trend reversal, shifting the momentum from bearish to bullish.

The breakout from the falling wedge has established a new support range between $25 and $26, which was previously the resistance level of the wedge. AVAX is now eyeing a massive pump, with a potential price spikeを目指しています。キャプテン・ファイビック氏によると、この上昇は現在価格（約28.17ドル）から183.07％となる71.50ドルを目指しているという。

However, AVAX faces resistance at key levels as it continues its ascent. The first challenge lies around $31.50, where previous price consolidation occurred. Moving further up, the price may encounter strong resistance between $45 and $50, which served as a critical zone in previous price movements. If AVAX maintains its bullish momentum, it could ultimately reach the $71.50 target.

FET Confirms Upside Breakout

An analysis by Captain Faibik also reveals a breakout from a descending broadening wedge pattern for FET, indicating a potential bullish continuation. Descending broadening wedges usually signal a reversal, and FET's breakout above the upper trendline suggests a possible shift from its previous downward trajectory.

FET is currently supported around $1.40, which aligns with the breakout level. The immediate resistance is encountered as the price attempts to sustain its momentum post-breakout, with a resistance level around $1.70 to $1.75. However, the medium-term target for FET is much higher, with projections pointing towards $3.90.

Reaching the $3.90 target would require overcoming interim resistances at $2.00 and $2.50. These levels are crucial psychological and historical resistance zones that could affect the asset's ability to continue its bullish run.

The above is the detailed content of Avalanche (AVAX) and FET Eye Potential 183% and 178% Rallies: Can They Hit $71.50 and $3.90 After Breakouts?. For more information, please follow other related articles on the PHP Chinese website!