Closely followed crypto analyst has pointed out a significant over 460% increase in the past 90 days for a tough Ethereum (ETH) competitor that has confirmed a breakout. The analyst discussed the popular altcoin Avalanche (AVAX), explaining its critical support and resistance levels.
Price Analysis on AVAX
Known by the pseudonym Rekt Capital, the crypto analyst told his social media followers that the Layer-1 blockchain Avalanche has technically confirmed a breakout by successfully turning its macro downtrend from resistance into support. However, after confirming the breakout, the analyst did not specify the ultimate price level that AVAX would reach. The senior crypto analyst stated the following in his remarks:
Avalanche has successfully retested the macro downtrend as new support. Since the retest, there has been a +36% increase; heading towards $32, and potentially more if you catch the fuse. Technically, this retest confirms the end of the macro downtrend. On October 16, Avalanche hit a low of $8.65. However, at the time of writing, it is trading at $47.79. This represents an astonishing increase of approximately 460% over the last three months and a partial decline on the last day.
Retest Process in OCEAN
The analyst then discussed the data monetization project Ocean Protocol (OCEAN), stating that the cryptocurrency has also successfully retested a key area as support, setting the stage for a rally around $0.64. The expert emphasized his close monitoring of the cryptocurrency, saying:
OCEAN has successfully retested the critical region as support and is currently up by +20%. It is moving towards resistance. I am closely monitoring. It has fully confirmed a breakout.
OCEAN was trading at $0.561, up by 1.73% in the last 24 hours at the time of writing.
