Ethereum (ETH), Avalanche (AVAX) and Three Other Altcoins Showing Strength in Sideways Market: Crypto Analyst
A closely tracked crypto strategist says smart contract platforms Ethereum (ETH) and Avalanche (AVAX) and three other crypto assets are flashing signs of strength in a market that’s trading in a narrow range.
In a new strategy session, pseudonymous crypto analyst Cheds says that he sees Ethereum creating a bullish continuation pattern but notes that bulls must take out ETH’s immediate resistance to sustain its momentum.
“You have to start a bull pennant usually with a series of inside bars. I wouldn’t completely discount bulls here… It’s a nice little push by bulls and then kind of a normal pause and consolidation… You just wait for clearance of $3,000.”
Next up is fellow smart contract platform Avalanche, which Cheds says is close to starting the next leg of its rally.
“AVAX bounced off of what was the pivot point [$65]… We’ve now bounced into the level that is a train track switch to become bullish. In my opinion, if we get back above this $90, I think we probably see a little bull run.”
Another coin on the trader’s list is decentralized finance payment network Terra (LUNA). According to the crypto analyst, LUNA is printing a large cup and handle formation, which is a bullish continuation pattern. Based on Cheds’ chart, LUNA must take out its resistance above $100 to trigger a breakout rally.
FTT, the native asset of crypto derivatives exchange FTX, is also on the analyst’s radar. According to Cheds, FTT is flashing a clear trend shift area that bulls must recover to ignite a rally.
“If we can get back above $49 and certainly $50, you want to ride this trend. You want to go long.”
According to Cheds, the last coin showing relative strength is Near (NEAR), a developer-focused blockchain designed for scalability and stability.
The crypto strategist notes that NEAR is clear to take out a key resistance area.
“NEAR is interesting. [I’d] like to see NEAR certainly above $12. It’s been one of those relative strength participants.”
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