Popular crypto analyst Benjamin Cowen, AvalancheHe shared his views on whether AVAX (AVAX) can still rally after its parabolic rise over the last three months.
Native token of smart contract platform Avalanche AVAXis trading at $129.52 at the time of writing (it was at $117.86 at the time of this analysis). The 11th-ranked asset by market cap hit an all-time high of around $145 over the weekend. The smart contract platform was trading around $13 at the beginning of August.
Posting on his YouTube channel with more than 627,000 followers, Cowen stated that AVAX has “expanded a bit”. However, stating that the expansion was at the same level when AVAX reached $60, Cowen emphasized that the price doubled after the expansion that took place at that time.
Cowen, AvalancheHe stated that it would be “worrying” to see the .
According to the analyst, it is possible to say that the rise in the AVAX/USD parity is largely dependent on BTC.
“As long as Bitcoin stays above its 20-week moving average, AXAX It may continue to rally until it goes too far to sustain it in the short term and then experience a pullback. But as long as Bitcoin remains healthy, of course AVAX can continue to make a move.”
Cowen thinks AVAX could gain at least 50% if it hits the top of the bullish channel against BTC. According to the analyst, if the value of Bitcoin remains stable, it could price Avalanche at just over $200.
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.