A closely tracked crypto strategist says smart contract platforms Ethereum (ETH) and Avalanche (AVAX) and three other crypto assets are flashing signs of strength in a market that’s trading in a narrow range.
In a new strategy session, pseudonymous crypto analyst Cheds says that he sees Ethereum creating a bullish continuation pattern but notes that bulls must take out ETH’s immediate resistance to sustain its momentum.
“You have to start a bull pennant usually with a series of inside bars. I wouldn’t completely discount bulls here… It’s a nice little push by bulls and then kind of a normal pause and consolidation… You just wait for clearance of $3,000.”
Source: Cheds/YouTube Next up is fellow smart contract platform Avalanche, which Cheds says is close to starting the next leg of its rally.
“AVAX bounced off of what was the pivot point [$65]… We’ve now bounced into the level that is a train track switch to become bullish. In my opinion, if we get back above this $90, I think we probably see a little bull run.”
Source: Cheds/YouTube Another coin on the trader’s list is decentralized finance payment network Terra (LUNA). According to the crypto analyst, LUNA is printing a large cup and handle formation, which is a bullish continuation pattern. Based on Cheds’ chart, LUNA must take out its resistance above $100 to trigger a breakout rally.
Source: Cheds/YouTube FTT, the native asset of crypto derivatives exchange FTX, is also on the analyst’s radar. According to Cheds, FTT is flashing a clear trend shift area that bulls must recover to ignite a rally.
“If we can get back above $49 and certainly $50, you want to ride this trend. You want to go long.”
Source: Cheds/YouTube According to Cheds, the last coin showing relative strength is Near (NEAR), a developer-focused blockchain designed for scalability and stability.
The crypto strategist notes that NEAR is clear to take out a key resistance area.
“NEAR is interesting. [I’d] like to see NEAR certainly above $12. It’s been one of those relative strength participants.”
Source: Cheds/YouTube
