Analyst Says One Altcoin Primed To Skyrocket, Gives Update on Ethereum (ETH), Terra (LUNA) and Avalanche (AVAX)
The anonymous host of cryptocurrency channel InvestAnswers is listing one altcoin that he expects to “skyrocket.”
InvestAnswers tells his 409,000 YouTube subscribers that Cosmos (ATOM), a network of many independent but interconnected blockchains known as zones, is slated to surge by about 40% in a month or less.
“It’s pretty clear to me that we will hit $45 in probably a month or less. It [ATOM] just looks absolutely perfect and set to skyrocket as we go forward. Not much selling pressure on the horizon and we should be able to get to that level [of] $45 which it hit four or five times in the last couple of months.”
ATOM is trading at $31.08 at time of writing.
Next up, InvestAnswers says that Ethereum (ETH) is currently at the 0.5 Fibonacci level, a key Fibonacci retracement level that represents the halfway mark of a prevailing trend.
The crypto analyst adds that ETH could hit a new all-time high if it manages to break above the 50 and 200-day moving averages.
“We’re now getting close to the 0.5 Fibonacci level, about $3,300. Notice as well we need to break through the 50-day moving average. And then the next is to break through the 200-day moving average. And then we’ll get to hopefully $3,700. After that, $4,150. After that, new all-time high $4,800.”
ETH is trading at $3,146 at time of writing.
Next up is the native token of Terra (LUNA), a blockchain protocol consisting of a suite of decentralized stablecoins.
The crypto analyst says that LUNA is eyeing the $65 price level after bouncing off the 200-day moving age.
“This one [LUNA] is making a nice recovery too…
We are heading back towards the 0.386 Fibonacci level of $65. And then after that, you know LUNA can move very very fast when it wants to.”
LUNA is trading at $55.55 at time of writing.
Next up is the native token of Avalanche (AVAX), a smart contract-enabled blockchain. The crypto analyst says that AVAX is in an overbought zone based on the Relative Strength Indicator (RSI). The RSI indicator ranges from 0 to 100 – where 70 or higher indicates overbought conditions, and potentially the end of a rally, while 30 or lower indicates oversold conditions, and potentially the end of a sell-off.
“Avalanche did get rejected off the $95 level. It’s now at about $87 and the RSI is quickly approaching overbought…
Avalanche chart might be running a little bit out of steam, we’ll see. But hitting $95 was a clear selling point.”
AVAX is trading at $88.85 at time of writing.
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The post Analyst Says One Altcoin Primed To Skyrocket, Gives Update on Ethereum (ETH), Terra (LUNA) and Avalanche (AVAX) appeared first on The Daily Hodl.
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