AVAX price to hit new all-time high at $80 as Avalanche bulls take over

AVAX price is traversing a bull flag pattern, eyeing a retest of $77.48.
There is still a 25% upside potential for Avalanche to rally.
A breakdown of the $48.44 support floor will invalidate the bullish outlook.

AVAX price rose exponentially after breaking out of a crucial resistance level on September 10. However, this uptrend was cut short as the markets collapsed on September 12, which led to a quick retracement. However, Avalanche seems to be back on track and ready to continue its rally.

AVAX price on path to set up new all-time highs

AVAX price seems to be traversing a bull flag pattern. This technical formation contains an exponential upswing known as a flagpole followed by a downward sloping parallel channel referred to as the flag.

Avalanche price rose 220% from August 17 to August 24, forming the flag pole and the consolidation that followed created the flag. This setup forecasts a 67% upswing to $77.45, which is the length of the flagpole added to the breakout point at $46.24.

AVAX price breached the flag’s upper trend line on September 10 and has rallied 32% so far. While this climb might seem overextended, the upside potential for the bulls appears to be capped at around $77.48, roughly 25% away from the current position.

To reach a new all-time high, the AVAX price needs to slice through the September 12 swing high at $63.91. A decisive close above this barrier will open the path for a 25% ascent.

In a bullish case, the rally might extend to $80, which could be the next all-time high.

AVAX/USDT 9-hour chart

On the flip side, if AVAX price fails to slice through $63.91, a retracement to $55.63 might ensue, where the buyers can make a comeback. However, an increased selling pressure that pushes Avalanche price to produce a lower low below $48.44 will invalidate the bullish thesis.

In that case, AVAX price might crash to the stable barrier at $43.04.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.