Solana, Avalanche, and Polygon Break as DeFi Altcoin Carves Bear Market Bottom – Top Crypto Analyst
The crypto analyst who accurately called the bottom of the 2018 bear market for Bitcoin (BTC) says that a trio of altcoins is in the midst of a breakout.
The pseudonymous analyst known in the industry as Smart Contracter tells his 210,500 Twitter followers that Ethereum (ETH) challenger Solana (SOL) has removed resistance from his symmetrical triangle formation.
“Multi-month accumulation break in SOL”.
Font: Smart Contractor/Twitter
At the time of writing, SOL is changing hands for $46.98.
The crypto strategist says that the Avalanche (AVAX) smart contract protocol, as well as the Ethereum Polygon (MATIC) scaling solution, have also set fire to the resistance of their respective triangles.
At time of writing, AVAX is trading at $29.44, down 1.38% on the day.
At time of writing, MATIC is trading hands for $1.03, an increase of 2.47% in the last 24 hours.
Looking at the Aave (AAVE) Lending and Lending Protocol, Smart Contracter believes that the decentralized finance altcoin is in the process of carving a cycle bottom against Bitcoin (AAVE/BTC).
“An old favorite, AAVE bottoming out against BTC.”
Looking at Bitcoin itself, Smart Contracter believes that BTC is about to break its immediate resistance at $24,700 and ignite a rally towards its next resistance at $30,000.
“If BTC breaks above $24,000, any corrective WXY structure from the lows is invalid in my opinion, and this move up would be a bullish accumulation and a run of 1-2.
[BTC] It hasn’t exploded yet, but I suspect it will.”
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source: dailyhodl.com