Avalanche (AVAX) and dYdX (DYDX): Potential for Significant Gains
Two major altcoin projects in the cryptocurrency market, Avalanche (AVAX) and dYdX (DYDX), are at a pivotal point from a technical analysis perspective. Both altcoins are currently trading within a falling wedge formation, a pattern that often precedes a significant directional change. According to experienced crypto analyst Captain Faibik, these formations typically result in upward breakouts, indicating a positive outlook for investors.
225% Potential Increase for Avalanche (AVAX)
AVAX has been trading within a falling wedge formation for several weeks. This pattern is generally considered a signal that a downtrend is nearing its end, with the potential for an upward surge. Currently, AVAX is positioned near the bottom of the formation, which suggests that the altcoin may find strong support and potentially make a significant upward move.
Captain Faibik predicts that if the expected recovery scenario unfolds and the formation breaks out, AVAX could rise to $70 in the short term. This would represent a gain of over 225% from its current trading price of $21.37.
175% Potential Increase for dYdX (DYDX)
Like AVAX, DYDX is also trading within a falling wedge formation. Despite recent fluctuations, DYDX has managed to stay within this pattern, which is approaching its final stages.
The analyst expects an upward breakout for DYDX as well. If DYDX successfully breaks through the resistance trendline of the formation, the price could rise significantly, offering a substantial profit opportunity for investors.
- Current DYDX price: $1.09
- Expected breakout price: Above $3.1
- Potential gain: Over 175%
Captain Faibik’s analysis suggests that if DYDX reaches the expected breakout, it could see a price increase of over 175%, making it a promising investment opportunity.
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