Dear Bitruers,
Today, we are excited to share a new article about Ethereum Competitor!. Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!
Introduction
Rekt Capital, a prominent crypto analyst, points to Avalanche (AVAX) as a prime example of a surging Ethereum competitor. AVAX, a layer-1 blockchain network, has witnessed a staggering surge of over 460% within just 90 days. According to the analyst, AVAX has technically confirmed a breakout by successfully turning its macro downtrend from resistance into a supportive trend.
The recent surge in AVAX has seen a substantial climb from its low of $8.65 on October 16th to $47.79 at the time of writing. This monumental increase, coupled with a recent retest of the macro downtrend as support, has sparked a positive sentiment among traders and investors.
The analyst refrains from specifying an ultimate price target for AVAX post-breakout. However, the successful retest and the subsequent surge have instilled confidence in the coin’s upward trajectory.
Read More: Bitcoin Mining Difficulty Increases as Miners Purchase New Equipment
Ocean Protocol (OCEAN): Testing Crucial Support Levels
Rekt Capital’s assessment extends to Ocean Protocol (OCEAN), highlighting its successful test of a key support area. The digital asset, currently trading at $0.561, has observed a 1.73% increase over the last 24 hours.
The analyst suggests that OCEAN’s recent retest of the identified support zone has set the stage for a potential rally towards the $0.64 mark. However, this level is expected to serve as a notable point of resistance.
With OCEAN rallying about 20% after confirming the support retest, Rekt Capital indicates a potential upward trajectory for the coin, following a specific trajectory denoted by the analyst as the "green path."
As the market dynamics for these altcoins continue to evolve, traders and investors keep a close watch on these key technical indicators, anticipating potential further price movements.
Read More: Recent Developments in the Cryptocurrency Markets