It’s been revealed that there’s an Ethereum rival that shows massive strength. Check out the latest reports about AVAX below.
The online publication the Daily Hodl notes that Benjamin Cowen said that there’s an Ethereum rival is showing strength as Bitcoin pulls back from its all-time high.
AVAX is showing bullish signs
Cowen said that AVAX, the native token for the smart contract platform Avalanche, is “weathering the storm relatively well.”
Cowen noted that AVAX is trading well above both its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA).
The AVAX bull market support brand
If taken together, the two metrics are what Cowen refers to as the “bull market support band.”
“We also have some wiggle room in the sense that we are above the bull market support band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing pretty well for the last several weeks.”
He continued and said the following:
“A lot of coins are right above their bull market support band, and they haven’t been performing as well recently. A lot of these things can have some type of seasonality as the money ball just jumps around from project to project, and right now, clearly, AVAX is showing a decent amount of strength.”
Cowen does not predict that AVAX will have a strong move against Bitcoin “in the next month or so.”
Bitcoin price booster
As you probably know by now, the launch of a BTC ETF was the main trigger of Bitcoin’s price according to some analysts.
It’s been also revealed that there’s a new BTC ETF that rolled out the other day.
Valkyrie Investments, which is an alternative asset management firm, launched the country’s second Bitcoin futures ETF, according to CEO Leah Wald.