A crypto analyst who is closely followed in the crypto market says that during the next bounce in the digital asset markets, two Ethereum rivals could experience a sharp and rapid rise.
In the latest issue of the popular analyst weekly TechnicalRoundup, known by the pseudonym Cred, Ethereum (ETH) He says that touching the recent $1,900 level provides a new test at a key low in the range, making it “a viable spot for a bounce.”
If the crypto markets continue to drop, Cred believes Ethereum has support between $1,400 and in the worst-case scenario, his target is below $1,000.
These 2 altcoins can skyrocket in favorable market conditions
The crypto analyst, who also took a look at Ethereum rivals, also claimed that in case of another market jump, leading tier-1 altcoins such as Solana (SOL) and Avalanche (AVAX) could be among the strongest moving cryptocurrencies.
“These cryptocurrencies are very successful in making the leap because participants are at a time when there is no new altcoin narrative. [düşüş sırasında normal zamana göre] they are conditioned to buy names they know and love when they are ‘cheap’…
More importantly, if you’re going to gamble in the direction of Bitcoin and Ethereum, you might want to invest in Solana and Avalanche instead, because if you’re right it could probably skyrocket harder (and explode in your hand bigger if you’re wrong).”
Left (LEFT)
Analyzing Solana, Cred says that Solana is moving in a range roughly between $45 and $79 and could signal strong bullishness if the top of the range is broken.
“The current trading range is $44/47 to $79. If the market bursts and support fails, we expect a quick move towards the low range below $25. If the bounce is successful and results in a range retracement above $79, a move towards the $100 level is clearly possible.”
Avalanche (AVAX)
Taking a closer look at Avalanche, the analyst says his view on AVAX is similar to his prediction for Solana. Cred also offers two possible prerequisites for its rise in the smart contract platform.
“While Solana/Dollar held the support level around $44-$47, Avalanche closed again in the $39 range. As a result, to long bet on this altcoin, the market needs to retest support at $24 or reclaim the range above $39.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.