A popular crypto strategist and trader says he’s keeping a close watch on two Ethereum challengers that he believes are poised to break out this week.
Pseudonymous analyst Pentoshi tells his 547,800 Twitter followers that the crypto markets are flashing signs of bearish exhaustion, suggesting that bulls can ignite relief rallies.
“Now we have all-time high selling (per FTX) into the lows with some other interesting signs, I feel like this week we get some good rallies. Will be looking to bid AVAX if the opportunity presents itself. It showed me exactly what I wanted to see off the lows here.”
According to Pentoshi, he sees smart contract platforms Avalanche (AVAX) and Solana (SOL) snapping back up after hitting crucial support areas.
“Okay, decided to stick with original plan on SOL after a few hours of deliberation.
Yes, I too am a little fearful to buy. But I’ve had this spot marked out for half a year. It’s got historical support and likely provides mean reversion.
Same with AVAX.
Lower half of the box.”
At time of writing, Solana is trading at $55.39, above Pentoshi’s marked support level of $50.
AVAX is changing hands for $34.22, also above Pentoshi’s support of $31.20.
The widely followed crypto strategist is also unveiling his short-term targets for the two Ethereum competitors.
“I think short term $58-$60 on SOL is reasonable and maybe $36 or so on [for] AVAX to reassess. Flip those = new targets.”Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, 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 loses 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/Jamo Images/Nikelser Kate