Legendary altcoin analyst Michaël van de Poppe explores what’s in store for one of the top Ethereum competitors in the year ahead. Here are the expert’s expectations of the “monster rally” from Avalanche (AVAX)…
Analyst sets lows for AVAX
In his recent analysis, van de Poppe said that both Avalanche (AVAX) and the other layer-1 smart contract platform Solana (SOL) are growing in popularity as competitors to Ethereum (ETH) this year. Taking a closer look at AVAX, the analyst explores possible entry points as the smart contract platform ATH has dropped over 45% from $144.96:
Once we get to potential entry points, we can also start deriving it from the previous price action. thereforeyla, if AVAX is heading back to the dollar and its previous ATH, it is still a bullish result and we can wait for a pullback to $55 before making a reversal. Usually these levels are tested. If you are interested in AVAX, this is the optimum entry point…
The analyst, who determined the entry at $55 on AVAX, sets the following levels higher:
The second is around this block, where we bounce from $65-85.
cryptocoin.com According to Van de Poppe, whose analysis we shared, the deep pullback of AVAX puts the Ethereum competitor in a solid position to rally next year:
The left side of the chart below shows that after a big impulse wave, you will get a correction period that we are seeing right now before we have a new impulse wave that will occur in 2022.
Altcoin AVAX bull analysis
Continuing his future price predictions for AVAX, the analyst uses the Fibonacci extension tool to derive potential targets for Avalanche. Here are their expectations:
We’re looking at potential targets of $230, $300 and $370. So will AVAX run towards these numbers in the next impulsive move? If there’s going to be a bottom around $90 to $142, I wouldn’t be surprised to see an AVAX run towards $360. In this case, we will have a new expansion looking for a new wave of impulses combined with the actual growth of the ecosystem and resulting in this movement.
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