Here’s When Avalanche (AVAX) Price Will Hit New ATH !
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Traders appear to be cutting positions in risky assets, including Bitcoin (BTC) and the US equity markets, as NATO accuses Russia of continuing to build soldiers near the Ukrainian border.
Popular cryptocurrency expert predicted that Before Bitcoin (BTC) and Ethereum (ETH), a layer-1 smart contract altcoin will achieve a new all-time high (ETH).
Avalanche (AVAX) could be the first crypto asset rated among the top-20 largest by market cap to reach a new record high, according to pseudonymous crypto expert Smart Contracter.
Avalanche is a blockchain with smart contracts that focuses on speed and low-cost transactions. Avalanche’s downward spiral, according to Smart Contracter, has come to a halt after several months.
“Multi-month downtrend break on that daily close for AVAX.”
He believes this will be the first of the top 20 coins to reach a new all-time high, far ahead of BTC and ETH.
The crypto analyst indicated earlier this month that AVAX’s recent downturn had run its course after a three-wave corrective move based on Elliott Wave theory. A dominating trend follows a five-wave pattern, commonly called I-II-III-IV-V, while a minor corrective trend follows a three-wave pattern, usually labelled A-B-C, according to the theory.
Smart Contracter noted at the time that the conclusion of Avalanche’s downturn corresponded with the crypto asset’s price hitting the critical Fibonacci retracement level of 0.618, confirming his prediction that AVAX will reach new all-time highs ahead of Bitcoin and Ethereum.
AVAX Price Action
Avalanche (AVAX) bounced off the uptrend line before soaring to the decline line on February 15. On Feb. 16, bulls pushed the price above the downtrend line, but the candlestick’s lengthy wick indicates that bears are selling at higher levels.
The RSI is knocking on the upper barrier near 62, and the moving averages are close to completing a bullish crossing. Bulls appear to have the upper hand in this situation.
The AVAX/USDT pair might start a rally to $117.53 if buyers keep the price above the downtrend line.
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