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Avalanche eyes 60% rally as AVAX price breaks out of bull flag
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Avalanche (AVAX) strengthened its case for a potential upside run towards $160 in the coming sessions as it broke out of a classic bullish pattern earlier this week.
Dubbed "bull flag," the pattern emerges when the price consolidates lower/sideways between two parallel trendlines (flag) after undergoing a strong upside move (flagpole). Later, in theory, the price breaks out of the channel range to continue the uptrend and tends to rise by as much as the flagpole's height.
AVAX went through a similar price trajectory across the last 30 days, containing a roughly 100% flagpole rally to nearly $150, followed by over a 50% flag correction to $72, and a breakout move above the flag's upper trendline (around $85) on Dec. 15.
AVAX price continued
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