Ethereum, Avalanche and Solana could be gearing up to rally. A popular altcoin analyst says that these 3 coins have reached levels that will increase the bullish momentum. Let’s take a look at Cred’s technical analysis, keeping in mind that forecasts are not precise.
These 3 altcoins are preparing for the bull, here are the reasons
The popular crypto analyst is planning long-term scenarios that will increase the bullish momentum for Ethereum (ETH) and its two main competitors. The mysterious analyst nicknamed Cred said he expects the bulls to start a 30% rally from the current price as Ethereum is trading below a key weekly support. Ethereum is trading in a decisive price range:
For ETH, I believe a weekly close of $1,930, above $1,940 or approximately weekly close is required. This level is the previous breakout ($1,930). Now it’s acting as resistance… In this climate, it’s generally good to be cautious.
For higher levels, Cred states that $2,000 is critical. Sharing the chart below, the analyst says:
My attention is on the previous range support. The range now possibly up to above $2,000 has changed to the $2,600 resistance. If I consider the moving averages, I am sure they will converge in this area.
In technical analysis, retracement of long-term support is a bullish signal indicating the presence of demand and potentially seller exhaustion. At the time of writing, Ethereum is trading at $1,790.36. For a while, ETH reached over $1,800 on the day. Thus, he confirmed that a critical resistance could be broken.
This level will be critical for Solana to reach $80 soon
Next up is Solana (SOL), which Cred believes could ignite a massive rally if the bulls can reclaim a key support zone. From a technical perspective, the analyst identifies 2 critical price levels to reach $80:
The previous resistance level was around $46. In my opinion, that should clear that up before we can talk about a move towards $80. Also, it should bounce back above $46, which would be a significant move.
Solana is trading at $40.20 at the time of writing. Meanwhile, it has risen slightly in the last 24 hours. However, it was not enough to stay above this level.
Avalanche, the last altcoin on the analyst’s radar
On the other hand, AVAX is trading above a major support level. As such, it looks pretty solid on the technical side, according to Cred. Analyst says AVAX rejects lower lows:
AVAX’s critical weekly low range is at or around $23 and is closed above this level for the second week in a row. That’s enough. At least the support continues.
As you can see, according to Cred’s chart, AVAX’s first target is $39. As we have covered in the cryptokoin.com analysis, Avalanche has been trading under $25 for a while.
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