Popular crypto analyst Benjamin Cowen analyzes his 627,000 YouTube subscribers if altcoin project Avalanche (AVAX) has no gas left in its tank after its parabolic rise over the past three months. we too cryptocoin.com We have compiled the analyst’s posts for you.
“If BTC price holds steady, this altcoin could skyrocket to just over $200”
The native token of the smart contract platform, AVAX, was trading at $125 at the time of writing, gaining 6.23% in the last 24 hours and 27.67% in the last 7 days, according to CoinMarketCap data. Ranked 11th by market cap, the altcoin reached an all-time high of around $145 over the weekend. The smart contract platform was trading around $13 at the beginning of August.
Benjamin Cowen says AVAX has “expanded a bit,” however, noting that it is at the same level of expansion as Avalanche was when it reached $60, after which its price more than doubled. Also, according to the popular analyst, it will be “worrying” to see Avalanche continue to rise in a short time, getting longer. However, the analyst notes that the US dollar valuation of AVAX largely depends on what Bitcoin (BTC) is doing:
As long as Bitcoin stays above its 20-week moving average, it could continue to rally until AXAX goes too far to sustain it in the short-term. Then we experience a pullback. But as long as Bitcoin remains healthy, of course, AVAX can continue to make moves.
Benjamin Cowen states that AVAX could rise 50% against Bitcoin to reach the top of the bullish channel against BTC. According to the analyst, such a move could catapult Avalanche to just over $200 if the value of Bitcoin remains stable.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.