- STX breaks out of the descending channel, signaling potential reversal in market sentiment.
- FET confirms breakout from a broadening wedge, suggesting a shift to bullish momentum.
- AVAX chart is showing a strong bullish reversal as it breaks out of a falling wedge pattern.
STX (Stacks), Avalanche (AVAX) and Artificial Superintelligence Alliance (FET) have recently shown interesting swings. FET confirmed an upward breakthrough from a descending expanding wedge, while STX surged by 4.6% on the day and left a decreasing channel behind it. On its hand, AVAX has broken out of its long-term falling wedge pattern, historically a bullish indicator. These events point to a change in market mood as optimistic trends show themselves.
STX Breaks Out of Descending Channel
Per Captain Faibik’s observation, STX/USDT has been trading within a declining channel marked by a sequence of lower highs and lows. Two parallel trendlines define this pattern and function as both resistance and support. STX shows a breakout over the upper resistance trendline of the descending channel.
$STX #STX Train has left the Station..🔥📈 https://t.co/ifIFFxbAvj pic.twitter.com/1ZWst8KEzu
— Captain Faibik 🐺 (@CryptoFaibik) September 20, 2024
Hovering around $1.77 at press time, STX retests the old resistance line, now acting as a possible support. STX has set a clear goal with a possible increase of over 146.88% from present levels to $4.20.
PYTH & STX Poised for Potential Breakouts: Levels To WatchFET’s Breakout Confirms Reversal
In Faibik’s separate analysis, FET/USDT has also seen a verified breakthrough from a declining expanding wedge pattern. For Artificial Superintelligence Alliance, this pattern—which stands out for two different trendlines—indicates a possible bullish turnaround. Consistently stopping the price from declining further during the formation, the lower trendline functions as a support level. The upper trendline served as opposition, which was challenged constantly prior to breach.
$FET Descending Broadening Wedge Upside Breakout is finally Confirmed..📈✅
— Captain Faibik 🐺 (@CryptoFaibik) September 20, 2024
Midterm Target : 3.90$#Crypto #FET #FETUSDT pic.twitter.com/QF4xkcVSWk
The breakout above the wedge’s resistance line confirms a shift from bearish to bullish sentiment. This confirmed breakout suggests that further upward movement is likely, with a midterm target set at $3.90.
What’s up For AVAX?
In yet another analysis, Faibik’s AVAX/USDT chart is showing a strong bullish reversal as it breaks out of a long-term falling wedge pattern, a technical formation that often signals a shift from bearish to bullish momentum. The breakout is accompanied by a surge in bullish volume, indicating significant buying interest and reinforcing the move’s credibility. With a projected upside of approximately 183%, the price target is set around $71, highlighting the potential for substantial gains if the current momentum is maintained.
The recent outbursts in AVAX, STX and FET suggest a more general change in market mood since both crypto show technical patterns supporting positive momentum. The occurrences could pave the way for continuous price hikes. Technical signals showing higher near-term gains support the observed trends and confirmed breakouts suggest more positive market action for traders and investors.
