A well-followed cryptocurrency analyst has highlighted a significant breakout for an Ethereum competitor, Avalanche (AVAX), which has seen an over 460% increase in the last 90 days. The analyst discussed AVAX’s critical support and resistance levels, drawing attention to its recent performance in the market.
Known by the pseudonym Rekt Capital, the analyst shared on social media that the Layer-1 blockchain Avalanche has technically confirmed a breakout by successfully converting a macro downtrend into new support. However, the analyst did not specify a final price target for AVAX following the confirmation of the breakout.
Avalanche successfully retested its macro downtrend as new support, leading to a 36% increase in price, and potentially more if the momentum continues. At the time of writing, AVAX was trading at $47.79, a significant rise from its October 16 low of $8.65, marking an impressive surge over the last quarter, despite a slight dip on the last day.
The analyst then turned to Ocean Protocol (OCEAN), a data monetization project, noting that the cryptocurrency had also successfully retested a key support area, setting the stage for a potential rally to around $0.64. The expert highlighted their close monitoring of the currency’s performance.
OCEAN has successfully retested a critical support zone and is currently up by 20%, with the analyst closely watching for further resistance. At the time of the report, OCEAN had seen a 1.73% increase over the past 24 hours, trading at $0.561.
The analysis provided by Rekt Capital has sparked interest among investors and traders, as both AVAX and OCEAN show signs of bullish momentum, suggesting potential investment opportunities in these altcoins.