Avalanche price has been oscillating within a falling wedge technical formation on the weekly timeframe. A break out from the chart pattern could catapult AVAX over 90% north with the crypto market showing strength. A weekly close below the $8.51 level would invalidate the bullish thesis, extending the southward consolidation for the altcoin. Avalanche price is trading with a bullish bias up close, despite the general downtrend to the naked eye.
-week chart On the flip side, a rejection from the upper boundary of the falling wedge could send Avalanche price south, possibly falling below the last lower low, effectively invalidating the bullish thesis. A continuation of the primary trend could send AVAX to the range low of $2.75, levels last tested in December 2020.