A widely followed crypto analyst says that one red-hot Ethereum (ETH) rival that’s skyrocketed over 460% in 90 days has confirmed a breakout.
Pseudonymous analyst Rekt Capital tells his 378,700 followers on the social media platform X that layer-1 blockchain Avalanche (AVAX) has technically confirmed a breakout by successfully flipping its macro downtrend from resistance to support.
[adinserter block="1"]However, after confirming its breakout, the trader doesn’t specify what price level AVAX will ultimately reach.
[adinserter block="1"]“Avalanche has successfully retested its macro downtrend as new support. Up +36% since the retest, even more if you caught the downside wick into $32 (red). Technically, this retest has fully confirmed a breakout beyond the macro downtrend.”
Avalanche hit a low of $8.65 on October 16th but is now trading for $47.79 at time of writing, a staggering gain of about 460% during the last three months and a fractional decrease during the last day.
Next up, the strategist brings up the data monetization project Ocean Protocol (OCEAN), saying that the digital asset has also successfully tested a key area as support – setting the stage up for a rally to around the $0.64 level – which he says will serve as a point of resistance.
“OCEAN. Successfully retested the red area as support and now rallying +20%. On its way to the black resistance ahead. Following the green path perfectly.”
OCEAN is trading for $0.561 at time of writing, a 1.73% increase during the last 24 hours.
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