A closely watched crypto strategist has revealed that smart contract platforms Ethereum (ETH), Avalanche (AVAX) and three other cryptoassets are showing signs of strength in a market that is trading within a narrow range.
In a recent strategy session, crypto analyst Cheds, nicknamed Cheds, reported that Ethereum is forming a bullish continuation pattern, but added that the bulls must clear critical resistance to maintain momentum.
“Usually you need to start a bull flag pattern with a set of inside bars. I wouldn’t totally underestimate the bulls here… A nice little push by the bulls followed by a normal phase of pause and consolidation… Just wait for the $3,000 clearance.”
The next coin is the smart contract platform Avalanche, which Cheds says is close to launching the next phase of its rally.
“AVAX is the pivot point [65 dolar] it has bounced back from its value… Now we have jumped to the level that is a railroad truss to rise. In my opinion, if we go above $90, we could probably see a small bull run.”
Another cryptocurrency on the investor’s list is the decentralized finance payment network Terra (LUNA). According to the crypto analyst, LUNA is forming a large cup and handle pattern, which is considered a bullish continuation pattern. According to Cheds’ chart, LUNA must break its resistance above $100 to trigger a rally.
FTT, the native asset of crypto derivatives exchange FTX, is also on the analyst’s radar. According to Cheds, FTT highlights a clear trend change area where bulls need to rally to ignite a rally.
“If we can get above $49 and definitely above $50, you want to continue that trend.”
According to Cheds, the last cryptocurrency to show strength is Near (NEAR), a developer-focused blockchain designed for scalability and stability. The crypto strategist states that NEAR is clear about eliminating a key resistance area.
“NEAR is interesting. I definitely want to see NEAR over $12. This coin has become one of the relative strength participants.”
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.