A popular crypto analyst is predicting that one red-hot Ethereum (ETH) competitor has more room to run as altcoins come alive.
Pseudonymous trader Altcoin Sherpa tells his 197,900 followers on the social media platform X that Avalanche (AVAX) could soar more than 30% from its current value.
“AVAX: huge moves [November 15th]. I think that this is a scary area but given the overall momentum, it’ll probably keep going. Mid-$20s should be next up, if it can clear this current region.”
The trader’s chart suggests AVAX could cross a key level at $21.17 and face resistance at around $22. AVAX later broke past $22, and the trader updated his outlook to say that the $29.33 level was now within reach.
“AVAX: Strong f-ing run here, goes to show that even dead forgotten chains can have their moments. $29 is the next target if price can remain above this current level.”
AVAX is trading for $22.49 at time of writing, up 11.7% in the last 24 hours, a more than 150% gain since closing at $8.91 on October 19th.
Next, the trader says that Bitcoin (BTC) is probably heading down to the $35,000 level after failing to cross $38,000.
“BTC: really key area here at this $38,000. It’s quite simple in my opinion: this teleports past $40,000 if we can break this area strongly. If it comes down (probably a higher likelihood), it goes right back to $35,000 in my opinion.”
Bitcoin is trading for $36,589 at time of writing.
Lastly, the trader says that decentralized oracle network Chainlink (LINK) will likely retest lower Fibonacci levels after soaring in recent weeks.
“LINK: best still to remain patient on this one. $12.50 and $11.50 are my areas of interest.”
Chainlink is trading for $14.10 at time of writing, down 5.4% in the last 24 hours.
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Featured Image: Shutterstock/Itsanan