Top Trader Says Ethereum Competitor Avalanche (AVAX) and Two Altcoins Appear Ready To Explode
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A closely followed crypto trader says a major trend shift is occurring for one altcoin, and two more crypto assets are building bullish setups.
Pseudonymous trader Cantering Clark tells his 95,000 followers on Twitter that he has his eye on ICE, the governance token that powers multichain yield optimization platform Popsicle Finance.
With ICE well off its all-time highs and showing signs of sudden strength, Cantering Clark says a trend shift could be underway. He looks at ICE in its Wrapped Ethereum pair (ICE/WETH) to gauge its strength.
“Ok. This chart is pretty loud right now.
Narrative + Big names + Trend shift”
The trader also has his eye on SPELL, the governance token for abracadabra.money, a decentralized finance (DeFi) platform that allows users to deposit interest-bearing collateral to take loans of its stablecoin Magic Internet Money (MIM), ostensibly enabling self-repaying loans.
According to Cantering Clark, SPELL is displaying a change in direction unparalleled in the rest of the crypto markets.
“I am not sure there is a cleaner change in direction than SPELL.
High timeframe W bottom at just the right time as most alt sellers cool off after 70-80% drops from highs. Significant players have built positions. Send it.”
One Ethereum competitor that’s on the trader’s radar is the smart contract platform Avalanche (AVAX). According to him, all-time highs could be around the corner after a clean break of the $120 level.
“AVAX is such a beast.
Possible S/R (support and resistance) flip here at the daily pivot around $120.
ATH (all-time highs) next.”
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
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