Date: Thu, March 13, 2025 | 10:20 AM GMT
The cryptocurrency market is showing signs of recovery after a sharp sell-off earlier this week. The recent drop in U.S. inflation to 2.8% has fueled optimism, with Bitcoin (BTC) now trading above $83K after bouncing from its 24-hour low of $80K.
Among the altcoins benefiting from this momentum, Avalanche (AVAX) and Near Protocol (NEAR) are displaying early breakout signals, with both tokens up over 6% and 8% today as they approach key resistance levels within their respective falling wedge patterns after facing a major decline of over 60% in the last 90 days.
Avalanche (AVAX) Analysis
A look at AVAX’s daily chart reveals a falling wedge pattern, a bullish reversal formation that began after a rejection from the December 4 high of $55. The prolonged correction saw AVAX drop over 72%, reaching a low of $15 on March 12.
Currently, AVAX is trading at $19, climbing towards the upper resistance of the falling wedge. A successful breakout and retest could see AVAX target the next key resistance at $27, which aligns with the 50-day moving average (MA).
A decisive breakout above this level could push AVAX towards the 200-day MA and the $36 price zone, marking a potential 92% increase from current levels.
Near Protocol (NEAR) Analysis
Similar to AVAX, NEAR has been trading inside a falling wedge since peaking at $8.24 on December 6. The recent downtrend led to a low of $2.16, where buyers started accumulating.
Currently, NEAR has bounced to $2.63 and is now testing the wedge’s upper boundary. A confirmed breakout could see NEAR challenge $3.62, which aligns with the 50-day MA.
Further bullish momentum could drive NEAR towards $4.82, coinciding with the 200-day MA, representing an 86% increase from the current price.
Could Breakout Spark a Recovery?
Both AVAX and NEAR are on the verge of key breakout moves, with falling wedge formations signaling a potential trend a. If Bitcoin maintains its momentum above $83K, risk-on sentiment could further fuel these breakout attempts.
However, confirmation through volume and a successful retest of the breakout level will be crucial for sustained rallies. Traders will also be watching the 50-day and 200-day moving averages, which could act as dynamic resistance zones.
Disclaimer: this article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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