AVAX is looking to a 30% rebound in June, but it might not last long. According to experts, its behavior suggests a classic descending triangle pattern.
appear like those typically witnessed during the double bottom formation. Specifically, the AVAX/USD pair on the four-hour chart has bounced twice after testing the same support level near $22.25 and now eyes a breakout above its resistance level — also called"neckline" — near $27.50.If AVAX breaks above $27.50 decisively, and preferably in trading volumes, then the upside target would be at length equal to the maximum distance between the double bottom’s support and neckline levels.
AVAX currently trades almost 82% below its record peak of around $151, established in November 2021. During its correction, the AVAX/USD pair formedbut broke out of them to extend its downtrend further, which could spoil the bullish scenario outlined above. Zooming out to the daily timeframe, AVAX has been consolidating inside a similar channel since May 2022, fluctuating between falling trendline resistance and horizontal trendline support. When placed together, theseAVAX/USD daily price chart. Source: TradingView
Therefore, AVAX risks breaking out of the descending triangle in the coming days, with its bias skewed to the downside. Meanwhile, in a “perfect” scenario, the token will fall by as much as the descending triangle’s height, when measured from the breakout point.That puts AVAX’s descending triangle near $13.25, almost 50% below June 6's price.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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