HxroLabs

AVAX confirms bullish breakout on the daily

Long
BINANCE:AVAXUSDT   AVAX / TetherUS
The Avalanche ecosystem is growing rapidly since they announced the 180m DeFi incentives program in August.

The volume following that announcement can be seen on this chart and was nothing short of incredible.

After consolidating down into the "Pump Chaser Zone", forming a bull flag

Price has broken out from the upper trendline and closed a bullish daily candle forming it's first higher high since peaking on August 25th.

There was a large unlock of vested AVAX last Saturday that increased the circulating supply by 25%. The chart suggests that most of the "sellers' in that tranche have now exited (likely panic selling during the market wide sell-off on Tuesday)

The probability of AVAX breaking out into price discovery in the near future is very high.

The current market cap is $11 Billion

Hunting for higher lows to increase exposure.

Targeting the 1.618 Fib extension around $89 for first TP. Given the volume flowing in, there is a good chance we'll see 3-digit AVAX sometime in Q4