Technical patterns for Polkadot (DOT) and Avalanche (AVAX) point to likely positive reversals. According to a recent study by Captain Faibik, both tokens are moving in declining wedge forms—usually interpreted as signals of decreasing momentum. Traders are drawn to these trends since they suggest possible near future breakouts.
At $23.72 during this press, AVAX is progressively nearing the top of its wedge, where a breakout might result in major gains. Likewise, DOT, at $4.30, seems to have found support close to the $3.75 range and might rebound from its lowest trendline.
AVAX Maintains Falling Wedge Formation
AVAX is still moving within its declining wedge pattern, according to Captain Faibik. Usually interpreted as a positive reversal signal, this formation is distinguished by two downward-sloping trendlines that function as both support and opposition. Faibik’s study shows that AVAX stays in this pattern, suggesting a possible breakout just ahead.
$AVAX Still Moving inside the Falling Wedge & Still I'm Bullish on it so Hold with the Patience..(You'll thank me later)#Crypto #AVAX #AVAXUSDT pic.twitter.com/FveH6Fu6EZ
— Captain Faibik 🐺 (@CryptoFaibik) September 13, 2024
Notably, Avalanche’s price shows a 9.52% increase in the past seven days and a 0.50% increase over the past 24 hours. There seem to be indications that the downward momentum could be fading as the price approaches the apex of the wedge. Seeing the convergence of the two trendlines as a turning point, Faibik’s projection indicates that if AVAX breaks out, it could see an upside of 183%, bringing the price quite near to $75.
Grayscale Avalanche Trust Triggers AVAX’s 30% Weekly SurgePolkadot Shows Signs of Rebound
Polkadot (DOT) has a similar technical arrangement. Captain Faibik claims DOT has been moving in its own declining wedge pattern, an indication of another positive reversal. Valued at $4.30 during this press, DOT has seen a 2.18% rise over the past week and a 7.56% increase over the last 24 hours.
$DOT appears to have found its Bottom and is showing signs of attempting a Strong Rebound.!!
— Captain Faibik 🐺 (@CryptoFaibik) September 13, 2024
Keep Accumulating for the Midterm, Expecting Massive Bullish Rally in Q4. 📈#Crypto #DOT #DOTUSDT pic.twitter.com/lmuAKB82Zt
DOT seems to have drawn strong support, particularly around the $3.75 level, where the price has often bounced off the lower trendline. This suggests that selling demand could be declining as the price moves toward the upper trendline. Like AVAX, the slow increase in DOT is a positive indication the asset could be preparing for a breakout.
