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19 September 2021

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

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


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

Dubbed as "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.

That is primarily because of Bull Flags' popular profit targets; analysts look for the price to break higher with length equal to the flagpole's size.

The setup appears as the Avalanche token reaches another record price level, hitting $66.47 for the first time in history, following a 618% rebound rally from its July 20 low of $9.25.

The rally in Avalanche markets closely followed similar moves across smart contracts tokens that rival Ethereum, the leading public ledger behind the booming decentralized finance (DeFi) and nonfungible token (NFT) space.

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