Top Crypto Analyst Says Ethereum Competitor That’s Exploded Over 370% in Three Months Is Signaling More Upside
The post Top Crypto Analyst Says Ethereum Competitor That’s Exploded Over 370% in Three Months Is Signaling More Upside appeared on BitcoinEthereumNews.com.
A widely followed crypto analyst is expressing bullish sentiment toward a popular layer-1 altcoin. The pseudonymous analyst known as Bluntz tells his 232,600 followers on the social media platform X that the current price action of Avalanche (AVAX) is mirroring that of Bitcoin (BTC) as it was appreciating in October and November. The strategist says Avalanche is forming a pattern that could see it hit a price of $50, around 17% above its current level. According to the trader’s four-hour chart, which utilizes Elliott Wave Theory in its technical analysis, Bluntz appears to suggest that Avalanche has so far completed two waves of a bullish five-wave pattern that’s potentially on course to propel the 10th-largest crypto asset to above $50. Source: Bluntz/X The Elliott Wave Theory is a tool used to forecast future price movements based on the premise that prices move in repeatable and predictable patterns of five waves. Avalanche is trading at $42.77 at time of writing, up from its price of $9.06 reached on October 20th – a 372% increase. The analyst also offers his insights on smart contract platform Solana (SOL) paired against Bitcoin (SOL/BTC). According to Bluntz, SOL/BTC has traded in a range for 37 days that is on the cusp of a breakout. Bluntz says that after the breakout, the SOL/BTC pair could experience the “steepest” rise recorded so far. Source: Bluntz/X Solana is trading for 0.00181019 BTC at time of writing. Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check Latest News Headlines   Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital…
Filed under: News - @ December 21, 2023 10:24 am