Cryptocurrencies have lost ground in the last 24 hours due to market volatility induced by low investor confidence and a lack of demand following the recent correction. Bitcoin showed hints of recovery over the weekend, but it has since fallen in value once more.
The price of bitcoin is at $57,220. The battle hasn’t been solely for Bitcoin. Ether has lost 0.67 percent in the last 24 hours to $4,303. Due to the sluggish crypto market momentum, popular cryptocurrencies like as Solana, XRP, Cardano, Polkadot, Stellar, Dogecoin, Chainlink, Shiba Inu, Uniswap, and Litecoin also plummeted.
Still Bullish On AVAX
A popular crypto analyst and trader says he’s keeping a close watch on two altcoins which he says have the potential to ignite epic rallies.
Pseudonymous trader Smart Contracter tells his 184,300 followers that he’s still bullish on smart contract platform Avalanche (AVAX) even after the Ethereum (ETH) rival nearly doubled its value in just one month.
“If the Solana run is anything to go by, then AVAX should have plenty of gas left in the tank.”
A rise to the trader’s target of $280 means that AVAX has a potential upside of more than 110 percent from its current price of $133, according to the trader’s chart.
Cosmos (ATOM), which bills itself as “the internet of blockchains,” is another altcoin on Smart Contracter’s radar. ATOM’s current market structure, according to the crypto expert, is similar to AVAX’s price action before it went on a parabolic ascent.
“ATOM reminding me big time of AVAX here, structurally.”
ATOM is now trading at $32 at the time of writing. A move to Smart Contracter’s $100 aim means that the coin’s value may more than treble.
The crypto trader is also considering trading Ethereum against Bitcoin (ETH/BTC), which is coiling and preparing to burst out of a big bull pennant formation, according to the crypto trader.
