Can FET Soar to $3.90? Avalanche Eyes 183% Rally!

Avalanche (AVAX) and FET Eye Bullish Breakouts: What’s Next?

Avalanche (AVAX) and Fetch.AI (FET) are gaining attention due to recent bullish breakouts from critical chart patterns. AVAX has broken out of a falling wedge, while FET has confirmed an upside breakout from a descending broadening wedge. These technical patterns suggest strong upward momentum for both assets in the near term.

AVAX Breaks Out of Falling Wedge

According to analyst Captain Faibik, Avalanche (AVAX) is showing bullish strength after breaking out from a falling wedge pattern on the 3-day timeframe. A falling wedge is typically a reversal pattern, marked by a downward-sloping resistance line and a similar support line. A breakout above the upper resistance line signals a potential trend reversal, shifting momentum from bearish to bullish.

The breakout has established a new support range between $25 and $26, which previously served as the wedge’s resistance level. AVAX is currently poised for a substantial price surge, with a target of $71.50, representing a potential 183.07% increase from its current price of around $28.17.

However, AVAX faces key resistance levels that could challenge its ascent:

• $31.50: This level marks previous price consolidation and could act as the first resistance.
• $45 – $50: A critical zone where AVAX encountered resistance in prior price movements.

If AVAX can maintain its bullish momentum, it may eventually reach its target price of $71.50.

FET Confirms Upside Breakout

In addition to AVAX, Fetch.AI (FET) has broken out from a descending broadening wedge, indicating potential for further bullish continuation. A descending broadening wedge generally signals a reversal, and FET’s breakout above the upper trendline suggests a shift away from its previous downward trajectory.

FET is currently finding support around $1.40, which aligns with the breakout level. The next key resistance zone is between $1.70 and $1.75, where the price is currently hovering. In the medium term, FET could aim for a higher target of $3.90.

To reach the $3.90 target, FET will need to overcome several interim resistance levels:

• $2.00: A key psychological resistance zone.
• $2.50: A historical resistance level that could slow upward momentum.

Breaking through these levels would be crucial for FET’s continued bullish run.

Conclusion

Both AVAX and FET are showing promising signs of bullish continuation after breaking out of key chart patterns. While AVAX eyes a 183% rally, FET could potentially reach a price of $3.90, provided it overcomes key resistance levels along the way. Traders should watch these technical levels closely as momentum builds.