Avalanche

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An analyst who called the end of Bitcoin’s (BTC) bull market last year is predicting surges for blockchain scaling solution Polygon (MATIC) and smart contract protocol Avalanche (AVAX).
Pseudonymous analyst Pentoshi tells his 671,300 Twitter followers that MATIC looks bullish and could be gearing up for a rally toward a major resistance area.

“This one the most important and historical spot on the chart is $1.30. Think that is a great place to focus on the next major move. If able to close three-day [chart]+ above that, then we go into the previous range. Reject and back to the local lows shown.” 
Source: Pentoshi/Twitter
At time of writing, MATIC is changing hands for $1.14, flat on the day.
Next up is Ethereum (ETH) competitor AVAX. According to the crypto strategist, Avalanche looks poised for a 36% surge as the coin is now trading above $20.
“So Amazon comes to crypto, partners with AVAX and then announces an NFT [non-fungible token] initiative, (but not confirmed if with Avax). They are making moves. Think this can run to $28 in the next month or so.”
Earlier this month, Amazon reportedly teamed up with AVAX developer Ava Labs in an effort to speed up blockchain adoption across multiple industries.
Pentoshi is also keeping an eye on Ethereum itself, which he says appears to be setting up for a rally in its Bitcoin pair (ETH/BTC).
“Think ETH/BTC gets a little relief soon.” 
Source: Pentoshi/Twitter
Looking at the Pentoshi’s chart, it seems that he’s predicting a surge to around 0.072 BTC ($1,677) for ETH/BTC. At time of writing, the pair is switching hands for 0.068934 BTC ($1,605).
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Grunge Creator/Voar CC
The post Crypto Strategist Predicts Rallies for Polygon and Avalanche, Says Ethereum Setting Up To Outperform Bitcoin appeared first on The Daily Hodl.


An analyst who called the end of Bitcoin&#8217;s (BTC) bull market last year is predicting surges for blockchain scaling solution Polygon (MATIC) and smart contract protocol Avalanche (AVAX). Pseudonymous analyst Pentoshi tells his 671,300 Twitter followers that MATIC looks bullish and could be g...

dailyhodl.com

Crypto Strategist Predicts Rallies for Polygon and Avalanche, Says Ethereum Setting Up To Outperform Bitcoin

Bitcoin initiated another leg up late on Friday and tapped $23,500 but was stopped in its tracks and has returned to familiar ground.
Most altcoins have charted more impressive gains, led by Avalanche, MATIC, OKB, Dogecoin, and others.
Bitcoin Back Down to $23K
It was last week when the primary cryptocurrency skyrocketed from $21,000 to a multi-month high above $23,000. This solidified the asset’s positive start to the new year, in which it has already shot up by roughly 40%.
The past seven days were less volatile except for a price pump on Wednesday night. This one saw BTC jump to $23,800 for the first time in over four months. However, the bears intercepted the move and pushed bitcoin south almost immediately.
All eyes were on the US on Thursday and Friday. The world’s largest economy announced the GDP date on Thursday and the PCE numbers a day later, but that didn’t bring a lot of fluctuations for bitcoin.
Nevertheless, the asset saw a minor price jump to $23,500 late on Friday but couldn’t continue upwards. As of now, it stands at around $23,000 once again, but its market cap is above $440 billion.
Its dominance over the altcoins has been reduced slightly to 42.1% as most alts have charted notable gains in the past 24 hours.
BTCUSD. Source: TradingView
AVAX, DOGE, MATIC on the Rise
As mentioned above, a lot of altcoins have outperformed bitcoin on a daily scale, led by Avalanche. AVAX has shot up by roughly 14% and has tapped a local peak of over $20.
Dogecoin, Polygon, and OKB are the other impressive gainers from the larger-cap alts. DOGE and MATIC are up by around 5-6%, while OKB has jumped by 7.5% to almost $40.
On the other hand, Binance Coin, Ethereum, Ripple, and Cardano are calmer today, with minor increases.
The cumulative market cap of all crypto assets has added approximately $10 billion in a day and currently exceeds $1.050 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post Avalanche Skyrockets 14%, Bitcoin Calm at $23K (Weekend Watch) appeared first on CryptoPotato.

The alternative coins have outperformed bitcoin in the past 24 hours. 

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Avalanche Skyrockets 14%, Bitcoin Calm at $23K (Weekend Watch)

Avalanche has been going up the chart ladder since the start of the year, following the broader crypto market rally as major cryptocurrencies break through crucial resistances. But right now, its native token AVAX seems to have found itself a new ceiling. 
According to Coingecko, AVAX is down 10% in the daily time frame, landing it a spot as one of the bigger losers as of today, January 25th. This has led to speculation that Avalanche’s most recent rally that was triggered by partnerships with Amazon Web Services and with Alibaba was just a so-called “buy the rumor, sell the news” event. 

The saying “buy the rumor, sell the news” describes a common trading technique in which investors buy a security on the basis of rumors about an impending news announcement or data, and then sell the asset once the news is out.
This could afford the trader an opportunity to purchase the security before everyone else does so that he or she can sell it at a profit when demand and price rise.

External And Internal Forces Influence AVAX
Although developments on-chain have been particularly bullish, external market forces seem to be the dominant force for the token’s slippage today. At the time of writing, Bitcoin and Ethereum have approached their respective resistances with no breakthroughs made by the two cryptos’ bulls. 
But with recent developments like the ecosystem’s partnership with Canadian e-commerce company Shopify, we might see Avalanche become more mainstream as consumers from Shopify familiarize themselves with the ecosystem. 
However, recent news shows that on-chain metrics have not improved since the announcement of the partnerships. Validator count still hovers around 1,200 ever since. The realm of DeFi also does not show promise for Avalanche.  

According to DefiLlama, the ecosystem’s total value locked declined 3% since yesterday. This can be a sign of a slight loss in investor confidence as investors would have felt misled by the recent market movements. 
At $16.96, What’s In Store For Investors? 
Investors are somewhat bearish because of the recent rejection at $19. According to CoinGlass data, short sellers out-number the long buyers by a significant margin, adding to the overall bearish weight of the situation. 

If the token continues to do worse and closes today below $16.85, we might see the bears retest the $15.74 support range. However, on-chain developments should be able to keep up with the market’s current sentiment. 
With the token’s high correlation with Bitcoin and Ethereum, investors and traders should also monitor the price movements of these coins. As of writing, bears in the BTC market are retesting $22,661 support with ETH retesting $1,520 support at the same time. 



For now, long position holders of AVAX should brace for short to medium term as bears try to claw their way into position. AVAX bulls should also try to consolidate above their support as this would enable the token to have a strong plank to burst through $19 resistance. 
-Featured image by TD Ameritrade


Avalanche has been going up the chart ladder since the start of the year, following the broader crypto market rally as major cryptocurrencies break through crucial resistances. But right now, its native token AVAX seems to have found itself a new ceiling.  According to Coingecko, AVAX is down 10%...

newsbtc.com

Avalanche Crumbles 10% – Was The AVAX Rally A Bull Trap? 

Morgan Creek Capital CIO Mark Yusko says Avalanche (AVAX) has the potential to go on a massive surge and outperform the rest of the crypto market in the next cycle.
In a new interview with Paul Barron, the crypto veteran says the smart contract platform could skyrocket 50x in the next bull market cycle, as long as Bitcoin (BTC) and the overall digital asset market succeed.

“The key to investing in this ecosystem is diversification. Don’t put all your eggs in one basket. You want to have a big chunk in Bitcoin, fine. But if you think about it, if Bitcoin is as successful as we all think it will be, it won’t be the best performing, full stop. Just because it’s the largest. It’s just the law of large numbers. You’re not going to go from $400 billion today – even if you go to $4 trillion, that’s a 10 bagger. Ethereum at almost $200 billion – if it gets to a $4 trillion that’s almost twice as much.
 But if Avalanche actually becomes that intermediate layer, or becomes a bridge to connect Ethereum… it could be maybe 50x.” 
Avalanche is changing hands at $18.02 at time of writing, a more than 68% increase from where it was at the start of the year. With a market cap of $5.7 billion, Avalanche is the 17th largest crypto asset.
Yusko also makes an analogy between the potential future infrastructure of crypto, and the internet’s infrastructure, such as the Internet Protocol (IP), Transmission Control Protocol/Internet Protocol (TCP/IP), File Transfer Protocol (FTP), Simple Mail Transfer Protocol (SMTP), Hypertext Transfer Protocol (HTTP) and World Wide Web (WWW).
The comparison is one reason he thinks these blockchain projects will survive the volatile markets and have an important utility in the crypto space.
“I can argue that on top of Web3 is… Bitcoin is the base layer, Filecoin is FTP, Ethereum is WWW and Cosmos, Polkadot, Avalanche are SMTP, HTTP, I don’t know which ones. So we end up with five or six.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Itsanan
The post Can Avalanche (AVAX) Do a 50X? Crypto Bull Mark Yusko Says Ethereum and Layer Ones To Outrun Next Bitcoin Rally appeared first on The Daily Hodl.


Morgan Creek Capital CIO Mark Yusko says Avalanche (AVAX) has the potential to go on a massive surge and outperform the rest of the crypto market in the next cycle. In a new interview with Paul Barron, the crypto veteran says the smart contract platform could skyrocket 50x in the next bull market...

Can Avalanche (AVAX) Do a 50X? Crypto Bull Mark Yusko Says Ethereum and Layer Ones To Outrun Next Bitcoin Rally

Avalanche moved to a multi-month high on Jan. 24, after reports that the number of bitcoin on its network rose to 5,493. The news saw the token surge by nearly 5% today, rising for a third straight session in the process. Polygon also moved higher on Tuesday, hitting a one-week high.
Avalanche (AVAX)
Avalanche (AVAX) rose to a multi-month high on Tuesday, as prices rallied for a third consecutive session against a backdrop of bullish news.
Following a low of $17.43 to start the week, AVAX/USD moved to an intraday peak of $18.86 earlier today.
As a result of today’s surge in price, AVAX has risen to its strongest point since Nov. 6.

Looking at the chart, the move took place following a breakout of a ceiling at the $18.50 mark.
In addition to this, the 14-day relative strength index (RSI) neared a resistance level of its own at 72.00
At the time of writing, the index is tracking at 71.11, with earlier gains fading, resulting in AVAX currently trading at $18.22.

Polygon (MATIC)
In addition to AVAX, polygon (MATIC) climbed higher in today’s session, following a collision with a key price floor.
MATIC/USD raced to a peak of $1.04 earlier in the day, less than a day after hitting a low of $0.9849
The move saw polygon reach its highest level since last week Monday, when price was last close to a resistance of $1.05.

However, like on that occasion, prices have since plunged, with momentum not strong enough to force a breakout.
As of writing, MATIC/USD is now trading at $1.00, which is also its long-term support point.
One positive is that the RSI seems to be a fair distance away from its own floor at 61.00, and is currently tracking at 63.27, with a ceiling of 65.00 a possible target.
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Do you expect polygon to move beyond $1.05 this week? Let us know your thoughts in the comments.


Avalanche moved to a multi-month high on Jan. 24, after reports that the number of bitcoin on its network rose to 5,493. The news saw the token surge by nearly 5% today, rising for a third straight session in the process. Polygon also moved higher on Tuesday, hitting a one-week high. Avalanche (A...

Avalanche price	$20.48
Low - High 24H	$20.28 - $21.12
Market cap	$6.45B
Volume 24H	$429.97M
All time high	$144.96 -85.90% November 21st 2021
All time low	$2.80 629.70% December 31st 2020
Genesis date	N/A

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