With the price of Bitcoin (BTC) trading sideways in the $ 60,000 to $ 64,000 range, cryptocurrency analysts are turning their eyes to altcoins stating that the launch of the Bitcoin ETF in the US has already set a target. price and now the next increase will depend on further positive momentum from the news.
However, while analysts indicate exposures in Ethereum (ETH), Cardano (ADA), and even Shiba Inu (SHIB), to the co-founder of TraderJoe, the anonymous user “cryptofishx”, the cryptocurrency that has the potential to rise more than 300% and surpass Cryptoassets such as BNB, Solana (SOL), XRP, Polkadot (DOT) and even Tether (USDT) is Avalanche (AVAX).
According to the trader, the rise in AVAX should take the cryptocurrency to the top 3 of Coinmarketcap, only behind Bitcoin and Ethereum.
He notes that the rally will be driven by the latest developments in the AVAX ecosystem. Currently says, the Avalanche network has much greater scalability than Ethereum, and the TVL of the AVAX network has skyrocketed in the last two months and its blockchain currently processes 4,500 transactions per second (TPS) against Ethereum, which offers 13 TPS.
Additionally, the Avalanche network launched its incentive program in mid-August 2021. Since then, the total value locked (equivalent to the market capitalization for DeFi protocols and applications) has increased more than 24 times.
The analyst also points to Crypto.com’s support for the Avalanche contract chain. Therefore, it offers low fees and almost instant transfers on AVAX, USDC, and ETH.
“Curve Finance and AAVE entered the AVAX ecosystem and brought massive liquidity earlier this year. Of the USD 180 million incentives, 10% was spent on attracting new users to the ecosystem. Phase 1 of the AVAX ecosystem was on attracting new projects and liquidity for the ecosystem. Phase 2 tries to cultivate an ecosystem of developers and projects in the network. The new projects built in the AVAX network are preparing to be launched next year, “he justified.
Price
Cointelegraph analyst, Rakesh Uopadhyay, is also optimistic about AVAX and has ranked the cryptoasset one of the top 5 cryptocurrencies to watch out for this week.
According to him, AVAX broke out and closed above the descending channel on October 21, suggesting that the correction may be over. The bulls will now attempt to resume the uptrend.
“A strong bounce off the support will suggest traders continue to buy lower. The bulls will make one more attempt to resume the bullish move, pushing the price above $ 69.18. If successful, the pair could rally to $ 73.41 and up. then retesting the all-time high of $ 79.80, “he said.
However, according to the analyst, If the price breaks below the moving averages, the pair could fall to strong support at $ 51.04. If this level also fails, the next stop could be the channel’s support line.
It also points out that the pair could now fall to the 50-day SMA. If this support is violated, the bears will try to push the price back into the triangle. If that happens, it will suggest that the breakout above the triangle was a bullish trap.
“Conversely, if the price rises from the current level or bounces from the downtrend line, this would indicate that the bulls are building toward the downtrend. Buyers will try to push the price above $ 69.18. A breakout and closing above that resistance signals that the bulls are in advantage. The pair could then begin its journey towards the highest point, “he concludes.
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