A widely respected cryptocurrency analyst is expressing bullish sentiments about the popular layer 1 altcoin.
Analyst pseudonym known as Bluntz says The 232,600 followers of social media platform
The strategist says the Avalanche is forming a pattern that could see it reach a price of $50, about 17% above current levels.
According to a 4-hour chart from a trader utilizing Elliott Wave Theory in technical analysis, Bluntz appears to be hinting that the Avalanche has completed two waves of a bullish five-wave pattern so far, potentially pushing the 10th largest cryptocurrency asset. . $50 or more.
Elliott Wave Theory is a tool used to predict future price movements based on the premise that prices move in a repeatable and predictable five-wave pattern.
The Avalanche is trading at $42.77 at the time of this writing. This is a 372% increase from the $9.06 price reached on October 20th.
Analysts too proposal His insights on Solana (SOL), a smart contract platform coupled with Bitcoin (SOL/BTC). According to Bluntz, SOL/BTC traded within a range for 37 days before breaking out. Bluntz said that following the breakout, the SOL/BTC pair could experience the “steepest” rise ever recorded.
Solana is trading at 0.00181019 BTC at the time of writing.
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