A widely followed cryptocurrency analyst and trader believes that an Ethereum (ETH) competitor is forming a bullish reversal pattern.
The analyst known as Rekt Capital tells his 499,100 followers on social media platform X that Avalanche (AVAX) may have hit a market bottom after retesting a key level around $21.57 on the monthly chart.
“Avalanche has successfully retested the macro downtrend as support. This means that the downtrend is confirmed to be over and the new macro uptrend is now taking shape. AVAX is up +29% since this successful retest.”
AVAX is trading at $27.22 at the time of writing, up 3.1% in the last 24 hours.
Next, the analyst claims that Bitcoin (BTC) could break out from a descending trendline on the weekly chart and could soon surge more than 5% from its current value.
“Confirm a break above the series of lower highs dating back to late July and Bitcoin could rise to the top of the descending channel (black) at around $67,000.”
He also claims that Bitcoin Dominance (BTC.D) – which tracks the percentage of the total market capitalization owned by Bitcoin – could repeat a pattern similar to that of 2019. He suggests that BTC.D could surge after a brief dip.
“Bitcoin Dominance is currently declining, which is very much in line with historical trends around these levels. In fact, this is exactly the same situation as five years ago, in mid-April 2019. Bitcoin Dominance closed monthly above 57.68% (green) and is now diving for a retest of this level at new support to confirm a breakout through the macro range.”
At the time of writing, Bitcoin is trading at $63,331.
Finally, the analyst is bullish on the Artificial Superintelligence Alliance (FET). He suggests that FET could soon jump by about 10% from its current value at $1.77.
“FET broke its multi-month downtrend, made a decent retest attempt, and looks set to revisit the red zone high resistance over time.”
At the time of writing, FET is trading at $1.61, up 5.7% in the last 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies 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/Dario Lo Presti/klyaksun
