A widely followed cryptocurrency analyst and trader believes one Ethereum (ETH) competitor is forming a bullish reversal pattern.
The analyst pseudonymously known as Rekt Capital tells his 499,100 followers on the social media platform X that Avalanche (AVAX) may have reached a market bottom after a retest of a key level around $21.57 on the monthly chart.
“Avalanche has successfully retested the macro downtrend as support. What this means is that the downtrend is confirmed to be over and the new macro uptrend is being set up. AVAX has rallied +29% since that successful retest.”
Source: Rekt Capital/X
AVAX is trading for $27.22 at time of writing, up 3.1% in the last 24 hours.
Next up, the analyst says Bitcoin (BTC) may be breaking out of a descending trend line on the weekly chart and could soon soar more than 5% its current value.
“Confirm a breakout beyond the series of lower highs dating to late July and Bitcoin could ascend to the very top of the downtrending channel (black) at around $67,000.”
Source: Rekt Capital/X
He also says that Bitcoin Dominance (BTC.D) – which tracks the percentage of the total market cap that belongs to Bitcoin – may be repeating a similar pattern from 2019. He suggests BTC.D may soar after a brief dip.
“Bitcoin Dominance is currently dipping which is entirely in line with historical tendencies around these levels. In fact, it is exactly the same situation as 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.”
Source: Rekt Capital/X
Bitcoin is trading for $63,331 at time of writing.
Lastly, the analyst is turning bullish on Artificial Superintelligence Alliance (FET). He suggests FET could soon jump about 10% from its current value to $1.77.
“FET has broken its multi-month downtrend, performed a decent retest attempt and looks poised to revisit the red range high resistance over time.”
Source: Rekt Capital/X
FET is trading for $1.61 at time of writing, up 5.7% in the last 24 hours.