A renowned crypto analyst and trader, Michael van de Poppe, has released his analysis for a few crypto assets.
Avalanche (AVAX) Price Analysis
The analyst informs his 623,400 followers over Twitter that along with Avalanche, many altcoins have seen their downfall beneath their 50-day moving averages as an outcome of last week’s bear market correction.
However, the trader is of the opinion that if these altcoins manage to take over that moving average, there could be a massive price rally, and Avalanche (AVAX) is no exception.
At the time of reporting, Avalanche (AVAX) is selling at $22.53, with a drop of 4.30% over the last 24hrs.
The next currency that the strategist talks about is Fantom (FTM), another Ethereum competitor. He asserts that Fantom is now finding strong support and is waiting for the USD to form a reverse action towards the north.
As per Van de Poppe, $0.25 is the area that is strongly standing as a support level and if there is any flip in the price action, the asset could possibly hit a target between $0.365 and $0.37.
Currently, Fantom is changing hands at $0.298 after a plunge of 4.83% over the last 24hrs.
The analyst concluded his analysis by commenting on the Bitcoin price.
He said that if BTC maintains its price stability, there could be a bullish rally in the crypto market.
Van de Poppe expresses his positive approach while the flagship currency maintains its price stability against other bearish currencies. Then, he claims that if there is some bounce showcased by Euro reserves and stock, Bitcoin could see a further bull run.
At the time of writing, Bitcoin is trading at $21,420 with a drop of 1.42% overnight.