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According to crypto trader Benjamin Cowen, a rival to the leading altcoin Ethereum, Bitcoin is showing strength as it loses ground. Crypto analyst Benjamin Cowen said that an Ethereum rival is showing strength as Bitcoin pulls back from its all-time high. Detail Cryptocoin. com

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Which altcoin is ready to rise?

Cowen tells his 576,000 YouTube subscribers that AVAX, the native token for smart contract platform Avalanche, “sold out the storm relatively well.” According to CoinGecko, the 12th-ranked asset by market cap is trading at $68.28 at the time of writing, up over 5% in the last 24 hours and more than 20% in the last week. Cowen states that AVAX is trading well above both the 20-week simple movementollary average (SMA) and the 21-week exponential movementollary average (EMA). Taken together, the two measures are what Cowen calls a “bull market support band.” Cowen says:

We also have some room to move 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. That tells you that Avalanche has been performing pretty well over the past few weeks. A lot of cryptocurrencies are just above the bull market support band and they haven’t been performing well lately. A lot of these things can have some sort of seasonality as the money ball rolls from project to project, and frankly AVAX is showing a fair amount of strength right now.

Cowen does not predict that AVAX will make a strong move against Bitcoin in the “coming months”, but says Avalanche could gain in value in terms of its relationship to the US dollar in the short term.


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