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Avalanche eyes 60% rally as AVAX price breaks out of bull flag By Cointelegraph




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.

daily price chart featuring Bull Flag pattern. Source: TradingView
AVAX/USD daily price chart featuring key events in the week ending Dec. 19. Source: TradingView
weekly price chart. Source: TradingView
AVAX/USD weekly price chart. Source: TradingView