As the price of Bitcoin crosses above the $43K mark, marking a successful bounce back, the altcoins are accelerating to higher levels. Piggybacking on the overall market recovery, the AVAX price is set to form a bullish reversal pattern and teases a high-speed move on the Y-axis.
Further, the recent breakout and the sustenance above the critical support level add brownie points to the bullish trend possibility.
Source – Tradingview
Following the bullish reversal from the 50% Fibonacci level at $28, the AVAX price breaks above the falling wedge pattern. Reclaiming the $30 mark, the Avalanche price trend ignites a breakout rally in the daily chart.
Further, the rising trend supporting the bullish reversal increases the likelihood of an uptrend. Currently, the AVAX price trades at $34.95, showing a 2.71% intraday growth, which increases the possibility of a morning star.
Under such conditions, cautious sideline traders can find the completion of the reversal pattern as an entry spot.
RSI: The daily RSI line moves to take a bullish approach and crosses above the halfway line as it heads closer to the overbought boundary line. Further, the rising sentiments support the underlying growth of bullishess.
Will AVAX Price Cross $50?
Amidst the recent market recovery, Avalanche (AVAX) is emerging as a top-performing altcoin. The breakout of the falling wedge pattern further supports this bullish trend. Consequently, February may witness a rapid increase in the price of AVAX.
The continuation of the market recovery could push the AVAX price to the significant $50 mark if the pattern experiences a breakout. Conversely, if prices decline below $28, the Avalanche market price may revisit the breakout level at $24.