A widely followed crypto strategist believes that Ethereum (ETH) challenger Avalanche (AVAX) is gearing up for an upward move.
Trader Michaël van de Poppe tells his 660,000 Twitter followers that AVAX is looking bullish after briefly rising above the USD 14 resistance.
According to Van de Poppe, Avalanche looks ready for a cooldown before the next leg goes up.
“Great move here, breaking previous highs. All highs swept, so some consolidation seems likely. On that note, areas of $12.70-$12.95 are potential to buy the dip towards $16.
At the time of writing, AVAX is trading at $13.33
The next step is Zilliqa (ZIL), a blockchain designed for enterprise solutions. Van de Poppe says ZIL is likely to fall back to around $0.018 after a 60% rally in about a month.
“Good move on ZIL earlier, when we took out all the highlights.
That’s why I wait for these lows and then investigate for a long time.”
At the time of writing, ZIL is worth $0.019.
As for the peer-to-peer payment network Litecoin (LTC), Van de Poppe say that the altcoin needs to stay above its 200-week exponential moving average (EMA) to stand a chance of rallying before the next halving event, which is scheduled for August.
“We’re looking at a case where we’re currently retesting the 200-week EMA and we’re definitely looking at a case that we can keep here if we want to continue to pursue something for Litecoin to enter the halving.”
At the time of writing, LTC is trading at $93.86, currently below the 200-week EMA hovering around $95.50.
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Featured image: Shutterstock/Itsanan