Cryptocurrency trader Benjamin Cowen said that a well-known crypto-asset, one of Ethereum’s rivals in the altcoin world, continues to show strength as Bitcoin loses “ground”. Here is the altcoin that Benjamin Cowen had his eye on!
Crypto analyst Benjamin Cowen noted that the crypto-asset, an Ethereum competitor, continues to show strength as Bitcoin pulls back from its all-time high.
On his YouTube channel with more than 575,000 subscribers smart contract platform AvalancheTalking about AVAX, Cowen’s native token, Cowen thinks the asset has “surmounted the storm relatively well.”
Ranked 12th by market cap, according to CoinGecko AVAX, trading at $68.28 at the time of writing, up over 5% in the last 24 hours and up more than 20% compared to last week.
According to the trader, AVAX is trading well above both the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). Taken together, these two metrics can be termed the “bull market support band,” according to Cowen.
“We also have some wiggle room as we are above the bull market support band of the AVAX/USD valuation. With the 20-week simple moving average (SMA) at $35.85 and the 21-week exponential moving average (EMA) at $43.47, this tells us that Avalanche has been performing quite well over the past few weeks.
According to the trader, AVAX is not the only asset that sits just above the bull market support band, however, they are not of much importance as they have not been able to show strong stance and performance like AVAX lately. According to the trader, the money may have a “seasonality” as it jumps from project to project, but for now AVAX continues to show a fair amount of strength.
Cowen does not expect AVAX to make a strong move against Bitcoin in the “coming months”, but he expects Avalanche to appreciate against the US dollar in the short term.
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.