A widely followed crypto analyst says that one red-hot Ethereum (ETH) rival that’s skyrocketed over 460% in 90 days has confirmed a breakout.
Pseudonymous analyst Rekt Capital tells his 378,700 followers on the social media platform X that layer-1 blockchain Avalanche (AVAX) has technically confirmed a breakout by successfully flipping its macro downtrend from resistance to support.
However, after confirming its breakout, the trader doesn’t specify what price level AVAX will ultimately reach.
“Avalanche has successfully retested its macro downtrend as new support. Up +36% since the retest, even more if you caught the downside wick into $32 (red). Technically, this retest has fully confirmed a breakout beyond the macro downtrend.”
Avalanche hit a low of $8.65 on October 16th but is now trading for $47.79 at time of writing, a staggering gain of about 460% during the last three months and a fractional decrease during the last day.
Next up, the strategist brings up the data monetization project Ocean Protocol (OCEAN), saying that the digital asset has also successfully tested a key area as support – setting the stage up for a rally to around the $0.64 level – which he says will serve as a point of resistance.
“OCEAN. Successfully retested the red area as support and now rallying +20%. On its way to the black resistance ahead. Following the green path perfectly.”
OCEAN is trading for $0.561 at time of writing, a 1.73% increase during the last 24 hours.
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Source: https://dailyhodl.com/2023/12/25/ethereum-competitor-thats-exploded-over-460-in-under-three-months-has-confirmed-a-breakout-says-trader/