Popular crypto analyst Benjamin Cowen analyzes to 627,000 YouTube subscribers whether altcoin project Avalanche (AVAX) has no gas left in its tank after its parabolic rise over the past three months. we too Cryptocoin. com, we have compiled the analyst’s posts for you.
“If BTC price holds steady, this altcoin could skyrocket to just over $200”
The native token of the smart contract platform, AVAX, was trading at $125 at the time of writing, gaining 6.23% in the last 24 hours and 27.67% in the last 7 days, according to CoinMarketCap data. Ranked 11th by market cap, the altcoin reached an all-time high of around $145 over the weekend. The smart contract platform was trading around $13 at the beginning of August.
Benjamin Cowen says AVAX has “expanded a bit”, but states that Avalanche is at the same level of expansion as it was when it reached $60, after which its price more than doubled. Also, according to the popular analyst, it will be “worrying” to see Avalanche continue to rise in a short time, getting longer. However, the analyst states that the US dollar valuation of AVAX largely depends on what Bitcoin (BTC) is doing:
As long as Bitcoin stays above its 20-week moving average, it could continue to rally until AXAX goes too far to sustain it in the short-term. Then we experience a pullback. But as long as Bitcoin remains healthy, of course, AVAX can continue to make moves.
Benjamin Cowen states that AVAX could rise 50% against Bitcoin to reach the top of the bullish channel against BTC. According to the analyst, such a move could catapult Avalanche to just over $200 if the value of Bitcoin remains stable.