Popular cryptocurrency analyst and trader Michael van de Poppetook a look at what could happen for one of the top Ethereum competitors in the next year.
Speaking at a new strategy session, the analyst has over 155,000 YouTube subscribers as well. Avalanche (AVAX) He said that as well as other Tier-1 smart contract platform Solana (SOL) has grown in popularity this year as a competitor to Ethereum (ETH).
Taking a closer look at AVAX, the analysis noted that the smart contract platform is looking for possible entry points as it has dropped nearly 45% from its all-time high of $144.96.
“When we get to potential entry points, we can also derive it from previous price action.
So, if AVAX drops as low as $55 and the previous high, it’s still a bullish result and it’ll get there before it makes a reversal. [55 dolar] It would not be meaningless to wait for a pullback to happen. AVAX usually tests these levels. If you are interested in AVAX, this is the “numero uno (number one)” entry point…
The second entry point is around this block, where we jumped from $65-$85.”
According to Van de Poppe, AVAX’s deep rebound puts its Ethereum rival in a solid position to rally next year.
“And definitely, the left side of this chart shows that after a big impulse wave, you’re going to get a correction period that we’re seeing right now before we have a new impulse wave that will happen in 2022.”
Avalanche is trading at $78.79, down 16.8% from its intraday highs and weekly highs of $94.61.
AVAX Continuing his future price predictions for Avalanche, the analyst uses the Fibonacci extension tool to derive potential targets for Avalanche.
“We are looking at a potential target of $230. We’re looking at $300 and we’re looking at $370.
So will AVAX run towards these levels in the next push? [yaklaşık 90 ila 142 dolar arasında] If there’s going to be a bottom, I wouldn’t be surprised to see AVAX heading towards $360.
In that 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.”
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.