Avalanche Poised for a Bounce Back, Analyst Sees Bullish Potential

• An analyst predicts a strong rebound for Avalanche (AVAX) from its Falling Wedge pattern, signaling potential bullish momentum.
• Avalanche blockchain’s adoption by DMV California and Folks Finance highlights its efficiency and growing influence in various sectors.

In recent developments, Avalanche (AVAX) has come under fire as its token price struggles in a bear market. However, prominent analyst Captain Faibik predicts a strong bounce back in the near future.

According to a tweet from Faibik, he shared a three-day chart for AVAX, showing that the token’s price is still in a Falling Wedge pattern. This technical structure frequently indicates a bullish reversal, and Faibik feels AVAX is about to bounce back from its bottom boundary.

$AVAX Still Moving inside the Falling wedge, Bounce Back is Coming soon..#Crypto #AVAX #AVAXUSDT pic.twitter.com/uJ3GpcjnH8

— Captain Faibik (@CryptoFaibik) August 14, 2024

Breakout Potential for AVAX: Eyeing a New High at $70

The analyst’s optimism originates from AVAX’s possible breakout over the Falling Wedge, which could send the token to a new higher high, possibly hitting $70.

This estimate contrasts dramatically with the token’s current performance, as AVAX is trading around $20.64 at the time of writing, representing a 3.01% decline over the last 24 hours. The daily trading volume stands at $192.13 million, reflecting the current market sentiment.

On the other hand, as CNF previously noted, the California Department of Motor Vehicles (DMV) has made waves by digitizing over 42 million car titles with the Avalanche blockchain. This blockchain-based solution has increased efficiency by eliminating fraud and reducing the number of in-person visits to the DMV.

This novel integration has converted the old approach to document and physical appearance management into a more simplified process.

Furthermore, as we previously reported, Folks Finance has integrated Avalanche into their cross-chain lending protocol. This integration assures that Folks Finance customers may transact at high speeds and at cheap costs, demonstrating the Avalanche network’s rising utility in the decentralized finance (DeFi) sector.