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The post <a href="https://coinpedia.org/uncategorized/avax-price-breakout-reverses-trend-eyes-40-in-this-cycle/" rel="noopener noreferrer nofollow">AVAX Price Breakout Reverses Trend, Eyes $40 In This Cycle</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
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.&nbsp;
Further, the recent breakout and the sustenance above the critical support level add brownie points to the bullish trend possibility.&nbsp;&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="464" src="https://image.coinpedia.org/wp-content/uploads/2024/02/02140641/image-19-1024x464.png" alt="" class="wp-image-266388" srcset="https://image.coinpedia.org/wp-content/uploads/2024/02/02140641/image-19-1024x464.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/02/02140641/image-19-300x136.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/02/02140641/image-19-768x348.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/02/02140641/image-19-1536x696.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/02/02140641/image-19-150x68.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/02/02140641/image-19.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source – <a href="https://www.tradingview.com/x/iuqFRLg1/" rel="noopener noreferrer nofollow">Tradingview</a>
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.&nbsp;
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.&nbsp;
Under such conditions, cautious sideline traders can find the completion of the reversal pattern as an entry spot.&nbsp;
Technical indicators:&nbsp;
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.&nbsp;
<h2 class="wp-block-heading" id="h-will-avax-price-cross-50">Will AVAX Price Cross $50?</h2>
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.

AVAX Price Breakout Reverses Trend, Eyes $40 In This Cycle

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