A widely followed crypto analyst is laying out a crucial indicator for Ethereum competitor Avalanche (AVAX).
Michaël van de Poppe tells his 623,400 Twitter followers that Avalanche and many other altcoins dropped below their 50-day moving averages due to last week’s price correction.
The trader says if the tokens can reclaim that moving average, it would trigger a “serious” price rally.
“Reclaiming [the 50-day moving average] would trigger some serious activation, the same goes for AVAX.”
AVAX is trading at $23.19 at time of writing. The 14th-ranked crypto asset by market cap is down 1.4% in the past 24 hours.
Van de Poppe also notes that fellow Ethereum (ETH) competitor Fantom (FTM) is currently consolidating and waiting to see if the US dollar reverses its upward trend.
Predicts the analyst,
“Daily order block around $0.25 is heavy support. If reversal takes place, a quick run to $0.365-0.37 is possible.”
FTM is trading at $0.307388 at time of writing. The 65th-ranked crypto asset by market cap is up 0.16% in the past 24 hours.
Van de Poppe also notes that Bitcoin’s recent price stability could signal strength.
“Well, it’s good that Bitcoin remains stable, while the rest is dropping heavily. If the Euro reverses and stocks imply a bounce, Bitcoin could have some decent strength.”
Bitcoin (BTC) is trading at $21,532 at time of writing, up 0.33% in the past 24 hours.
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