Top Analyst Predicts Breakout for Large-Cap Ethereum Rival, Updates Outlook on Bitcoin and Chainlink
The crypto strategist who nailed the end of Bitcoin’s (BTC) bull market last year says one Ethereum (ETH) rival is gearing up for a rally.
The pseudonymous analyst known in the industry as Pentoshi tells his 660,100 Twitter followers that smart contract platform Avalanche (AVAX) looks bullish on the lower timeframes.
“Bought some AVAX. Will be looking to add on dips. Pretty decent low timeframe structure forming, in my opinion.”
At time of writing, AVAX is switching hands at $13.66, suggesting an upside potential of nearly 10% should Avalanche hit Pentoshi’s initial target of $14.83, and a 44.8% surge if the ETH rival reaches the analyst’s next resistance level at $19.78.
Looking at Bitcoin, Pentoshi believes the top crypto still has some room to run before it faces a key resistance level around $17,500.
“If you don’t like idea. You don’t have to follow it. You are adult. Adults make decision. Either way, so far it’s going okay. Up to you to manage your positions. I just share idea. I am still trading with small size for now.”
At time of writing, Bitcoin is trading at $17,016.
As for Chainlink (LINK), Pentoshi predicts a nearly 20% surge for the decentralized oracle network from its current price of $7.35.
“LINK update: $8.88 soon! So far right on schedule.”
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Featured Image: Shutterstock/YanaBu