Avalanche (CRYPTO: AVAX) has rallied 20% over the past month, prompting traders to speculate about more upside for "the red coin."
What Happened: Crypto trader Eugene Ng Ah Sio highlighted its high time frame (HTF) range reclaim, followed by a quick one-day trend retest and bounce. He considers this a good setup for going long on the cryptocurrency.
The trader further stated that he is looking for the $30 mark to be "decisively broken" and anticipates "significantly higher upside for the AVAX autists." He also suggested that the market is now ripe for traders to enter implying a shift in market dynamics.
Another crypto trader tweeted that AVAX is forming a nice structure on its chart with a "nice test and moving back up."
Crypto trader and investor Jip Molenaar noted its chart pattern, hinting at possible future upside.
$AVAX Like if you can see what I am seeing... Accumulation Manipulation Followed by... pic.twitter.com/sAWuD4MTZa
— Jip Molenaar (@tradingjip) July 23, 2024
Also Read: EXCLUSIVE: How AI Can Unlock The True Potential Of Web3
Why It Matters: Ng Ah Sio's significant upside prediction suggests a strong belief in the coin's potential for growth. His comment on "jeets" being out and "chads" stepping in could be interpreted as a shift from cautious investors to more aggressive, risk-taking ones.
Last week, ChronosWorlds, a post-apocalyptic RPG game tweeted "Avalanche is the chain for gaming." They announced a partnership with Avalanche as a preferred deployment chain highlighting the growing interest in utilizing robust and stable blockchain platform.
What's Next: The influence of altcoins on cryptocurrency portfolios is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
Top Crypto Trader Reveals Why He's 'More Interested' In These Ethereum-Linked Coins
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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オーストラリアでは、moomooの投資商品及びサービスはMoomoo Securities Australia Limitedによって提供され、オーストラリア証券投資委員会(ASIC)の管理を受けております(AFSL No. 224663)。「金融サービスガイド」、「利用規約」、「プライバシーポリシー」などの詳細は、Moomoo Securities Australia Limitedのウェブサイトhttps://www.moomoo.com/auでご確認いただけます。