Crypto analyst Benjamin Cowen says an Ethereum rival is exhibiting energy as Bitcoin pulls again from its all-time excessive.
Cowen tells his 576,000 YouTube subscribers that AVAX, the native token for the good contract platform Avalanche, is “weathering the storm comparatively nicely.”
The Twelfth-ranked asset by market cap is buying and selling at $68.28 at time of writing, up over 5% previously 24 hours and greater than 20% previously week, in accordance with CoinGecko.
Cowen notes that AVAX is buying and selling nicely above each its 20-week easy shifting common (SMA) and 21-week exponential shifting common (EMA). Taken collectively, the 2 metrics are what Cowen refers to because the “bull market help band.”
“We even have some wiggle room within the sense that we’re above the bull market help band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing fairly nicely for the final a number of weeks.
Quite a lot of cash are proper above their bull market help band, they usually haven’t been performing as nicely lately. Quite a lot of these items can have some kind of seasonality as the cash ball simply jumps round from undertaking to undertaking, and proper now, clearly, AVAX is exhibiting a good quantity of energy.”
Cowen doesn’t predict that AVAX may have a robust transfer towards Bitcoin “within the subsequent month or so,” however he does say that Avalanche can enhance in worth by way of its relationship to the US greenback within the quick time period.
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