Analyst Rekt Capital, closely watched by cryptocurrency investors, indicated that Avalanche (AVAX) could enter a rising trend. The analyst believes that AVAX may have formed a bottom around the key level of approximately $21.57 on the monthly chart.
Avalanche’s Rising Trend
In a statement on the social media platform X, Rekt Capital expressed that AVAX successfully retested the macro downtrend as support. The analyst stated that this situation signifies the end of the downtrend and the beginning of a new macro upward trend.
“Avalanche successfully retested the macro downtrend as support. This indicates the end of the downtrend and the formation of a new macro upward trend. After this successful retest, AVAX rose by 29%.”
At the time of writing, AVAX is trading at $27.22, having increased by 3.1% in the past 24 hours.
Potential Rally for Bitcoin
In his latest analysis, Rekt Capital wrote that Bitcoin (BTC) 
$89,988 could break the descending trend line on the weekly chart. Accordingly, it may experience a 5% increase from its current price in the short term.
“We need to confirm the transition beyond the lower highs formed since the end of July. This could elevate Bitcoin to approximately $67,000 at the top of the descending channel.”
Additionally, Rekt Capital suggested that Bitcoin Dominance (BTC.D) is repeating a similar pattern from 2019 and may rise after a brief decline.
“Bitcoin Dominance is currently in a downtrend, fully aligned with historical trends at these levels. In fact, it mirrors the situation exactly from mid-April 2019. Bitcoin Dominance closed monthly above 57.68%, and now it is in a downtrend, confirming a retest of this level as new support within the macro range.”
Expectations for AI Altcoin FET
The analyst’s latest focus is on FET Coin. As one of the most popular alternatives among AI altcoins, Rekt Capital anticipates a rise for FET Coin. According to him, the current outlook suggests a test with a 10% increase to $1.77.
“FET broke the downtrend that lasted for months. It made a good retest attempt and seems ready to revisit the resistance at the peak of the red range over time.”
Rekt Capital’s analyses confirm the anticipated short-term upward trends in cryptocurrency markets. Particularly, charts of cryptocurrencies like AVAX, BTC, and FET may present potential opportunities for investors.
