A closely tracked crypto strategist says smart contract platforms Ethereum (ETH) and Avalanche (AVAX) and three other crypto assets are flashing signs of strength in a market that’s trading in a narrow range.
In a new strategy session, pseudonymous crypto analyst Cheds says that he sees Ethereum creating a bullish continuation pattern but notes that bulls must take out ETH’s immediate resistance to sustain its momentum.
“You have to start a bull pennant usually with a series of inside bars. I wouldn’t completely discount bulls here… It’s a nice little push by bulls and then kind of a normal pause and consolidation… You just wait for clearance of $3,000.”
Next up is fellow smart contract platform Avalanche, which Cheds says is close to starting the next leg of its rally.
“AVAX bounced off of what was the pivot point [$65]… We’ve now bounced into the level that is a train track switch to become bullish. In my opinion, if we get back above this $90, I think we probably see a little bull run.”Â
Another coin on the trader’s list is decentralized finance payment network Terra (LUNA). According to the crypto analyst, LUNA is printing a large cup and handle formation, which is a bullish continuation pattern. Based on Cheds’ chart, LUNA must take out its resistance above $100 to trigger a breakout rally.
FTT, the native asset of crypto derivatives exchange FTX, is also on the analyst’s radar. According to Cheds, FTT is flashing a clear trend shift area that bulls must recover to ignite a rally.
“If we can get back above $49 and certainly $50, you want to ride this trend. You want to go long.”
According to Cheds, the last coin showing relative strength is Near (NEAR), a developer-focused blockchain designed for scalability and stability.
The crypto strategist notes that NEAR is clear to take out a key resistance area.
“NEAR is interesting. [I’d] like to see NEAR certainly above $12. It’s been one of those relative strength participants.”
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Naeblys/monkographic
