Crypto Analyst Predicts Further Rallies for Avalanche, Updates Forecast on Litecoin and One Additional Altcoin
A widely followed crypto strategist believes that Ethereum (ETH) challenger Avalanche (AVAX) is gearing up for a move to the upside.
Trader Michaël van de Poppe tells his 660,000 Twitter followers that AVAX looks bullish after briefly moving above resistance at $14.
According to Van de Poppe, Avalanche looks poised for a cooldown period before igniting the next leg up.
“Great move here, breaking through previous highs. Swept all the highs, so some consolidation seems likely. In that regard, areas at $12.70-$12.95 are potentially for buying the dip towards $16.”
At time of writing, AVAX is trading for $13.33
Next up is Zilliqa (ZIL), a blockchain designed for enterprise solutions. Van de Poppe says that ZIL is likely due for a pullback to around $0.018 after a 60% rally in about a month.
“Good move on ZIL earlier, as we took out all the highs.
That’s why I’ll be waiting for these lows and then start investigating for longs.”
At time of writing, ZIL is worth $0.019.
As for the peer-to-peer payments network Litecoin (LTC), Van de Poppe says that the altcoin must stay above the 200-week exponential moving average (EMA) to have a shot at rallying before its next halving event, which is slated for August.
“We are looking at a case that we are currently retesting the 200-week EMA and that we are surely looking at a case to hold here if we want anything to continue to pursue in order for Litecoin going into the halving.”
At time of writing, LTC is trading for $93.86, currently below the 200-week EMA which is hovering around $95.50.
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Featured Image: Shutterstock/Itsanan
