A well-known cryptocurrency analyst and trader is indicating that one Ethereum (ETH) competitor is establishing a bullish reversal pattern.
The analyst, known by the pseudonym Rekt Capital informs his 499,100 followers on the social media platform X that Avalanche (AVAX) appears to have found a market bottom following a retest of a significant level near $21.57 on the monthly chart.
“Avalanche has effectively retested the macro downtrend as support. This indicates that the downtrend is confirmed to be over, and a new macro uptrend is being established. AVAX has surged +29% since that successful retest.”
At the time of writing, AVAX is trading at $27.22, having risen 3.1% in the past 24 hours.
Next, the analyst states that Bitcoin (BTC) might be breaking out of a descending trend line on the weekly chart and could potentially rise more than 5% from its current value.
“Should a breakout beyond the series of lower highs since late July be confirmed, Bitcoin could ascend to the very top of the downtrending channel (black) at around $67,000.”
He further mentions that Bitcoin Dominance (BTC.D) – which tracks the proportion of the total market cap represented by Bitcoin – may be mirroring a pattern observed in 2019. He suggests that BTC.D might surge after a short dip.
“Bitcoin Dominance is currently undergoing a dip, which aligns with historical patterns at these levels. In fact, it mirrors the situation from five years ago in mid-April 2019. Bitcoin Dominance monthly closed above 57.68% (green) and is now dipping for a retest of this level into new support to confirm a breakout across the macro range.”
Bitcoin is priced at $63,331 as of now.
Finally, the analyst has a bullish outlook on Artificial Superintelligence Alliance (FET). He indicates that FET could potentially rise about 10% from its current value to $1.77.
“FET has broken its multi-month downtrend, made a solid retest attempt, and looks ready to approach the red range high resistance in due time.”
FET is currently trading at $1.61, up 5.7% in the last 24 hours.
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Featured Image: Shutterstock/Dario Lo Presti/klyaksun
