A popular cryptocurrency analyst is predicting that a layer-1 smart contract altcoin will reach a new all-time high before Bitcoin (BTC) and Ethereum (ETH).
Pseudonymous crypto analyst Smart Contracter tells his 204,800 Twitter followers that Avalanche (AVAX) could be the first crypto asset ranked among the top-20 largest by market cap to reach a new record high.
Avalanche is a smart contract-enabled blockchain focused on speed and low-cost transactions. According to Smart Contracter, Avalanche’s downward spiral has ended after several months.
“Multi-month downtrend break on that daily close for AVAX.
I reckon this will probably be the first top 20 coin to make a new all-time high, well before BTC and ETH do in my opinion.”
Avalanche is trading at $94.41 at time of writing, about 35% down from the all-time high reached in November of 2021.
Earlier this month, the crypto analyst said that AVAX’s recent downtrend ran its course after a three-wave corrective move based on the Elliott Wave theory. The theory states that a dominant trend moves in a five-wave pattern, usually labeled I-II-III-IV-V, while a minor corrective trend happens in a three-wave pattern, usually labeled A-B-C.
At the time, Smart Contracter said that the end of Avalanche’s downtrend coincided with the crypto asset’s price hitting the key Fibonacci retracement level of 0.618, further cementing his prediction that AVAX will hit new all-time highs before Bitcoin and Ethereum.
“Where altcoins are concerned I’m really digging AVAX.
Not only did it have a very strong reaction from a very major 0.618 level, but also move down from the highs was a 3-wave corrective ABC pattern.
Expecting this to outperform many altcoins, potentially even a new all-time high.”
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia