Crypto Analyst Says Ethereum Competitor To Rip Higher, Predicts Outlook on Dogecoin and One More ETH Rival
Release: 2024/05/17 02:19 Reading: 431
Crypto Analyst Predicts Massive Breakout for Ethereum Competitor
A renowned crypto analyst has forecasted a significant breakout for one of Ethereum's (ETH) key rivals against Bitcoin (BTC).
Pseudonymous trader Kaleo, with a following of 638,000 on social media platform X, believes that the smart contract platform Avalanche (AVAX) could surge against BTC by over 84% from its current valuation.
"AVAX/BTC: I might be crazy, but I still believe AVAX rips higher from here."
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Kaleo's chart analysis indicates that AVAX/BTC is forming a bullish flag pattern on the daily timeframe and could potentially reach 0.000950 BTC ($62.13).
At the time of writing, AVAX/BTC trades at .000515 BTC ($33.89), marking a decline of over 3% in the past 24 hours.
Analyst Predicts Solana's Rise Against Bitcoin
Furthermore, the analyst anticipates another ETH competitor, Solana (SOL), to soar against Bitcoin (SOL/BTC) after observing a bullish pattern characterized by ascending highs and lows on the daily chart.
He suggests that SOL/BTC could soon surpass the 0.0032 BTC ($209) level.
"SOL/BTC: Solana is still one of the most obvious long plays out there. Don't fight strength."
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At the time of writing, SOL/BTC trades at 0.00243 BTC ($160), showing an increase of over 3% in the last 24 hours.
Dogecoin Breakout Anticipated
Lastly, the analyst projects a breakout for Dogecoin (DOGE) based on a 2021 pattern where the memecoin rallied after the surge in the meme stock GameStop (GME) reached its market peak. GME has experienced a substantial rally this week but has since retraced.
"I'm going to make this simple for you. Here's a chart of Dogecoin versus GME. You may not remember this, but it was GameStop that led the way back in early 2021. It wasn't until after it topped that DOGE started sending. Dogecoin is overdue for a good pump. It's almost time."
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At the time of writing, DOGE trades at $0.15, showing a slight increase in the past 24 hours.
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