Analyst Rekt Capital, who is closely watched by cryptocurrency investors, has stated that Avalanche (AVAX), a rival to Ethereum, may be entering an uptrend. The analyst believes that AVAX may have bottomed around the key level of $21.57 on the monthly chart.
Avalanche on the Uptrend
Rekt Capital said on social media platform X that AVAX has successfully retested the macro downtrend as support. The analyst said that this means that the downtrend is over and a new macro uptrend has begun.
“Avalanche successfully retested the macro downtrend as support. This means the downtrend is over and a new macro uptrend is forming. AVAX is up 29% after this successful retest.”
At press time, AVAX is trading at $27.22, up 3.1% in the last 24 hours.
Potential Rally in Bitcoin
Rekt Capita wrote in its latest analysis that Bitcoin (BTC) could break the falling trend line on the weekly chart. Accordingly, it could experience a 5 percent increase from its current price in the short term.
“We need to confirm a move beyond the lower highs that have been formed since late July. This could send Bitcoin to the top of the falling channel at around $67,000.”
Moreover, Rekt Capital suggested that Bitcoin Dominance (BTC.D) is repeating a similar pattern from 2019 and could rise after a brief dip.
“Bitcoin Dominance is currently bearish, completely in line with historical trends at these levels. In fact, exactly the same as five years ago in mid-April 2019. Bitcoin Dominance closed above 57.68% on a monthly basis and is now bearish to retest this level as new support, confirming a breakout through the macro range.”
Bullish Expectations for AI Altcoin FET
The last topic he discussed was FET Coin. The analyst expects an increase for FET Coin, one of the most popular alternatives among artificial intelligence altcoins. According to him, the current outlook is pregnant with a test of $1.77 with a 10 percent increase.
“FET broke its months-long downtrend. It made a nice retest attempt and looks set to revisit the red range top resistance over time.”
Rekt Capital’s analysis confirms the expected short-term rise in cryptocurrency markets. In particular, charts of cryptocurrencies such as AVAX, BTC and FET may offer potential opportunities for investors.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
