Crypto analyst Benjamin Cowen says an Ethereum rival is exhibiting power as Bitcoin pulls again from its all-time excessive.
Cowen tells his 576,000 YouTube subscribers that AVAX, the native token for the sensible contract platform Avalanche, is “weathering the storm comparatively effectively.”
The Twelfth-ranked asset by market cap is buying and selling at $68.28 at time of writing, up over 5% up to now 24 hours and greater than 20% up to now week, in keeping with CoinGecko.
Cowen notes that AVAX is buying and selling effectively above each its 20-week easy transferring common (SMA) and 21-week exponential transferring common (EMA). Taken collectively, the 2 metrics are what Cowen refers to because the “bull market assist band.”
“We even have some wiggle room within the sense that we’re above the bull market assist band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing fairly effectively for the final a number of weeks.
Numerous cash are proper above their bull market assist band, they usually haven’t been performing as effectively lately. Numerous these items can have some sort of seasonality as the cash ball simply jumps round from mission to mission, and proper now, clearly, AVAX is exhibiting a good quantity of power.”
Cowen doesn’t predict that AVAX may have a robust transfer towards Bitcoin “within the subsequent month or so,” however he does say that Avalanche can improve in worth when it comes to its relationship to the US greenback within the quick time period.
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