Avax cryptocurrency could rise more than 300% and surpass BNB, Cardano, Solana, Shib and become the third cryptocurrency in the market


With the price of Bitcoin (BTC) trading sideways in the $60,000 to $64,000 range, cryptocurrency analysts are turning their eyes to altcoins declaring that the The launch of the US Bitcoin ETF has already been priced in and now the next rally will depend on further positive news momentum.

However, while analysts indicate exhibitions in Ethereum (ETH), Cardano (ADA) and even Shiba Inu (SHIB), to the co-founder of Trader Joe, the anonymous user @cryptofishx, the cryptocurrency that has the potential to rise by more than 300% esUpgrade cryptoactives like BNB, Solana (SUN), XRP, Polkadot (DOT) and even Tether (USDT) is the Avalanche (AVAX).

According to the trader, the high in AVAX deve to take cryptocurrency to the top 3 of the Coinmarketcap, behind only Bitcoin and Ethereum.

He points out that the rally will be driven by the latest developments in the AVAX ecosystem. Currently, according to him, the Avalanche network has much greater scalability than Ethereum, and the AVAX TVL network has exploded in the last two months and the blockchain currently processes 4,500 transactions per second (TPS) against Ethereum which offers 13 TPS.

In addition, the Avalanche network launched its incentive program in mid-August 2021. Since then, the total amount blocked (equivalent to market capitalization for DeFi network protocols and applications) increased more than 24 times.

The analyst also points out Crypto.com’s support for the Avalanche contract chain. Therefore, offering low rates and almost instant transfers on AVAX, USDC and ETH.

“Curve Finance and AAVE entered the AVAX ecosystem and brought massive liquidity earlier this year. Of the $180 million incentives, 10% was spent attracting new users to the ecosystem. Phase 1 of the AVAX ecosystem was about attracting new projects and liquidity for the ecosystem. Phase 2 is about cultivating an ecosystem of developers and projects on the network. New projects built on the AVAX network are getting ready to be launched next year,” he justified.

Price

Cointelegraph analyst Rakesh Uopadhyay is also optimistic about the AVAX and has ranked the cryptoactive as one of the top 5 cryptocurrencies to keep an eye on this week.

According to him, the AVAX broke and closed above the downside channel on October 21st, suggesting the correction may be over. Bulls will now try to resume the uptrend.

Daily chart AVAX / USDT. Source: TradingView

“A strong rebound in support will suggest traders continue to buy lower. Bulls will then make one more attempt to resume bull movement, pushing the price above $69.18. If they succeed, the pair could rally to $73.41 and then retest the all-time high at $79.80,” he said.

Still according to the analyst however, if the price breaks below the moving averages, the pair could drop to strong support at $51.04. If this level also drops, the next stop could be the channel’s support line.

4-hour AVAX / USDT chart. Source: TradingView

He also points out that the pair could now drop to 50-SMA. If this support is violated, bears will try to pull the price back into the triangle. If that happens, it will suggest that the breakout above the triangle was a bull trap.

“Conversely, if the price rises from its current level or rebounds from the downtrend line, it will indicate that bulls are piling up to bearishness. Buyers will then try to push the price above $69.18. One break and one closing above that resistance signals that the bulls are at an advantage. The pair could then begin its journey towards the highest point.”

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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