Avalanche (AVAX) Primed for New ATHs amid Emerging Bullish Pattern

• Avalanche price is formulating a bullish price pattern, indicating a potential ATH for the alt.
• If the token slices past $123, it might clear the way for a 41% upswing.
• Avalanche bulls are seeing $174 as their next optimistic target.

Avalanche (AVAX) is now creating a bullish chart setup that might translate to an explosive upward move towards another ATH at $174. The alternative token has to overpower multiple challenges on its upward journey, including the crucial obstacle at $123 for the optimistic picture to play out.

AVAX Awaits 41% Upswing

The twelve-hour price chart shows Avalanche forming an inverse head-shoulders outline, indicating a massive upward movement for the alternative coin. Nevertheless, market players will see the optimistic 41% rally to $174 after AVAX surges past the governing technical pattern’s neckline at $123.

Avalanche price appears to be creating the prevailing chart pattern’s right shoulder. An uptick in buying momentum might witness AVAX reaching the neckline. However, the token will battle several obstacles before completing the move.

The token’s initial resistance line sat at the 50 12hr Simple Moving Average at $101, then 100 12hr Simple Moving Average neat $105. Also, 61.8% FIB retracement area will serve as another hurdle for AXAX, around the $1065 value area.

Moreover, Avalanche’s price will also encounter an obstacle at $115 before nearing the heard-shoulders pattern’s neckline. The 78.6% FIB retracement area and 21 13hr Simple Moving Average intersect at this level.

AVAX will confront another obstacle at the primary technical pattern’s neckline at $123, matching the Momentum Reversal Indicator’s resistance area.

Meanwhile, amplified selling pressure will see AVAX’s price securing the nearest support at a 50% retracement area of around $100. Avalanche’s other defense lines are 38.2% FIB retracement ($94), then 23.6% FIB retracement ($87). The level corresponds with 200 12hr Simple Moving Average and MRI’s support line.

AVAX seems interested in ATHs despite the bearish mode in the crypto spectrum. The altcoin has an emerging bullish pattern that can trigger massive upward actions, exploring new all-time highs. However, Avalanche will battle multiple obstacles before realizing its optimistic target.

Stay tuned for more crypto news.

Editorial credit: Ira Lichi / shutterstock.com

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