Here's another coin that had a potential breakout dragged down by the Bitcoin dump from a few days ago.
AVAX recently announced integration with The Graph, and continues to be a contender for DeFi and smart contract adoption with its Ethereum bridge and solid, fast tech.
Although it has been slow to recover from the recent BTC dump, the optimistic interpretation is that it was heading to find the bottom of the channel anyway before further upside movement.
To break the top of the channel (which it seems to have reclaimed support at the bottom of) it'll be a bit of a slog to get to $30 and then through to $35 or so - so if it gets past that point I am fairly confident we see a breakout of the top of the channel and prices around $60 by summer.
I'm keeping an eye on some of the other blockchains (Solana comes to mind) to see if the market is choosing other projects. I'm sure there's space for several, but it also looks like we're separating the wheat from the chaff right now (e.g. UNI over SUSHI) so I'm hedging my bets a little on AVAX. Downside I have seen people mention $15 or so, I'm thinking more like $23-24 having watched this one for a while.
Just my thoughts, not financial advice - keep in mind, I'm new at this!
Curious to know what people think of this - let me know in the comments :)
AVAX recently announced integration with The Graph, and continues to be a contender for DeFi and smart contract adoption with its Ethereum bridge and solid, fast tech.
Although it has been slow to recover from the recent BTC dump, the optimistic interpretation is that it was heading to find the bottom of the channel anyway before further upside movement.
To break the top of the channel (which it seems to have reclaimed support at the bottom of) it'll be a bit of a slog to get to $30 and then through to $35 or so - so if it gets past that point I am fairly confident we see a breakout of the top of the channel and prices around $60 by summer.
I'm keeping an eye on some of the other blockchains (Solana comes to mind) to see if the market is choosing other projects. I'm sure there's space for several, but it also looks like we're separating the wheat from the chaff right now (e.g. UNI over SUSHI) so I'm hedging my bets a little on AVAX. Downside I have seen people mention $15 or so, I'm thinking more like $23-24 having watched this one for a while.
Just my thoughts, not financial advice - keep in mind, I'm new at this!
Curious to know what people think of this - let me know in the comments :)