Bull flag breakout pushes Avalanche toward $80 as AVAX price hits another record high By Cointelegraph

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Bull flag breakout pushes Avalanche toward $80 as AVAX price hits another record high

Avalanche’s AVAX token looks poised to hit $80, as per a classic technical pattern, after hitting a new high of over $65 on Sept. 12.

Dubbed as a “bull flag,” the structure emerges as a brief sideways/downward trend following a strong price move higher. As a result, bull flags tend to look like downward sloping channels, represented by two parallel trendlines that trap the price action.

daily price chart featuring bull flag. Source: TradingView
AVAX/USD daily price chart featuring bull flag profit target. Source: TradingView
Blockchains and their TVL performances. Source: DeFi Llama
Benqi is the leading DApp by TVL in the Avalanche ecosystem. Source: DeFi Llama