A popular analyst has his eye on the smart contract platform Avalanche (AVAX), and he thinks its Ethereum rival is poised for a breakout. Here are the details.
The pseudonymous analyst known as Pentoshi says that Avalanche may be ready for a new bull run, despite staying away from altcoins for a while.
“It’s been a long time since I bought an altcoin but I have no problem buying this support area as I realize the AVAX peak will be next week.
Playing the same levels last time worked well.”
Pentoshi also takes into account comments from Terra founder Do Kwon, who at a conference pointed to some big announcements regarding the algorithmic stablecoin platform and Avalanche.
The moon is coming to #avalanche in force, and next week we will show you just how much 🌕@avalancheavax @terra_money 🪄
— Do Kwon 🌕 (@stablekwon) March 18, 2022
The closely-followed analyst also said that traders should not ignore what Kwon said or the overall bullish catalysts for Avalanche, including negative funding rates as AVAX strengthens.
“Personally, it wouldn’t have been possible to short him. There may be a lot of FOMO (fear of missing out) going to the AVAX peak and appearing strong. Plus, [Terra’nın kurucusu Do Kwon]People who forget more often lose in the end.
We are already seeing some negative funding rates strengthening across various exchanges.”
When it comes to Bitcoin, Pentoshi thinks that macroeconomic uncertainties are still very important for the course of BTC. According to the analyst, the top crypto by market cap could rally up to the $50,000 range as it lost selling pressure before continuing a downtrend in the second quarter of this year.
“BTC Macro headwinds are still very strong, but in the medium term, I think we will rebound as sellers run out before we hit any new lows or previous lows. That’s why I’m looking forward to a downward movement after an upward movement at the end of the second quarter.”
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.