Avalanche Up 20% In A Month: What Is Going With ‘The Red Coin’?
By Benzinga
Avalanche (CRYPTO: AVAX) has rallied 20% over the past month, prompting traders to speculate about more upside for “the red coin.”
What Happened: Crypto trader Eugene Ng Ah Sio highlighted its high time frame (HTF) range reclaim, followed by a quick one-day trend retest and bounce. He considers this a good setup for going long on the cryptocurrency.
The trader further stated that he is looking for the $30 mark to be “decisively broken” and anticipates “significantly higher upside for the AVAX autists.” He also suggested that the market is now ripe for traders to enter implying a shift in market dynamics.
Another crypto trader tweeted that AVAX is forming a nice structure on its chart with a “nice test and moving back up.”
Crypto trader and investor Jip Molenaar noted its chart pattern, hinting at possible future upside.
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Why It Matters: Ng Ah Sio’s significant upside prediction suggests a strong belief in the coin’s potential for growth. His comment on “jeets” being out and “chads” stepping in could be interpreted as a shift from cautious investors to more aggressive, risk-taking ones.
Last week, ChronosWorlds, a post-apocalyptic RPG game tweeted “Avalanche is the chain for gaming.” They announced a partnership with Avalanche as a preferred deployment chain highlighting the growing interest in utilizing robust and stable blockchain platform.
What’s Next: The influence of altcoins on cryptocurrency portfolios is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
