Avalanche (AVAX) is currently demonstrating a promising setup on its price chart, characterized by a descending wedge pattern visible on a 3-day timeframe, as highlighted by Captain Faibik, an analyst. This pattern typically signifies a potential bullish reversal, with lower highs and lower lows converging towards a breakout point.
As of press time, AVAX is trading around $25.63, finding support at this level and around $23 from the lower trend line of the wedge. The upper trend line, acting as resistance, hovers between $28-$30.
Should AVAX break above this resistance, it could target higher levels, notably around $85, reflecting a potential increase of approximately 218.89%. Analysts suggest the price is nearing the wedge’s apex, indicating an imminent breakout that could propel AVAX toward these higher targets.
Analysts Spot AVAX’s Key Support at $31.00 Amid Market DeclineMeanwhile, Stellar (XLM) has also caught attention with its recent price action on a 12-hour timeframe, where it has broken above a significant descending trend line, as further noted by ZAYK Charts, an analyst.
This breakout, signaling a shift from a bearish to a bullish trend, positions XLM around $0.090, slightly above its breakout level of $0.088. Based on previous price behavior, immediate support is expected at these levels, while resistance could be encountered near $0.125.
The green box projection on the chart suggests XLM could aim for around $0.140, reflecting a potential increase of about 52.81% if bullish momentum continues. Analysts emphasize that sustaining above the breakout level is crucial for XLM to achieve these upward targets, with any retracement possibly testing lower support levels.
The broader cryptocurrency market context reveals AVAX currently trading at $26.00, with a 3.14% increase over the last 24 hours, supported by a trading volume of $235,811,134. On the other hand, Stellar (XLM) is priced at $0.101912, showing an 11.89% increase in the same period, with a trading volume of $124,018,072.
