A widely known cryptocurrency analyst and trader believes that one of Ethereum’s (ETH) competitors is forming a bullish reversal pattern.
An analyst known by the pseudonym Rekt Capital told his 499,100 followers on social media platform X that Avalanche (AVAX) may have reached a market bottom after retesting a key level around $21.57 on the monthly chart.
“Avalanche successfully retested the macro downtrend at the support level. This confirms that the downtrend is over and a new macro uptrend is being established. AVAX is up +29% after the successful retest.”
At the time of writing, AVAX is trading at $27.22, up 3.1% over the last 24 hours.
The analyst then said that Bitcoin (BTC) broke out of a downtrend line on the weekly chart and could soon surge more than 5% from its current value.
“If a breakout is confirmed above a series of lower highs dating back to late July, Bitcoin could rally to $67,000, the top of the downtrend channel (black).”
He also says that Bitcoin Dominance (BTC.D) may be repeating a similar pattern to 2019. He suggests that BTC.D may briefly decline followed by a surge.
“Bitcoin dominance is currently declining, which is completely consistent with the historical trend around this level. In fact, this is exactly the same situation as it was five years ago in mid-April 2019. Bitcoin dominance closed above 57.68% (green) on the monthly basis and is currently retesting this level to move into new support, confirming a breakout from the macro range.”
As of this writing, Bitcoin is trading at $63,331.
Finally, the analyst is bullish on the Federation of Artificial Superintelligence (FET). He suggests that FET could soon rise by about 10% from its current value to $1.77.
“FET has broken a multi-month downtrend, performed a proper retest and appears ready to revisit upper resistance in the red range over time.”
At the time of writing, FET is trading at $1.61, up 5.7% over the last 24 hours.
Don’t miss out – subscribe to receive email notifications straight to your inbox
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Dario Lo Presti/klyaksun