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- An analyst shared on X that the AVAX/BTC trading pair could bounce off of a bottom on its 4-hour chart.
- In this bullish scenario, the pair could rise to the next major resistance level at 0.0003610 BTC.
- Both AVAX and BTC saw their prices increase over the past 24 hours of trading.
The cryptocurrency analyst and investor CryptoKaleo shared on X earlier today that the Avalanche (AVAX) and Bitcoin (BTC) trading pair could start making a move upwards soon. According to the post, the pair is starting to bounce off of a bottom on the 4-hour chart.
$AVAX / $BTC pair starting to bounce off the bottom as wellThis is where you giga long pic.twitter.com/IsL6xe5ECA— K A L E O (@CryptoKaleo) October 26, 2023
The AVAX/BTC pair rebounded from a low of 0.0002982 BTC yesterday, resulting in a strong positive move in the following 24 hours. Subsequently, the pair currently seems to be in an attempt to challenge the 0.0003395 BTC barrier.
Daily chart for AVAX/BTC (Source: TradingView)
If AVAX/BTC is able to close a daily candle above 0.0003395 BTC, then it could establish a strong foundation before entering another leg up. In this bullish scenario, the pair could rise to the next major resistance level at 0.0003610 BTC. This bullish thesis may be invalidated if AVAX/BTC fails to close a daily candle above 0.0003395 BTC within the coming 2 days.
According to CoinMarketCap, AVAX was one of the top-performing tokens after its price surged by over 8% in the past 24 hours. This meant that the altcoin was trading at $11.31, which was a new daily high price.
Along with its price increase, AVAX’s 24 hour trading volume also climbed by 17.13%, which caused it to rise to $304,279,406. The token’s market capitalization was able to jump to $4,042,828,632 as well. This meant that AVAX was ranked as the 20th largest cryptocurrency in terms of market capitalization.
AVAX’s price success also allowed it to strengthen against BTC by more than 8%. At press time, the market leader was worth about $34,709.06 after its price managed a 1.69% increase since yesterday. BTC’s intraday volume, however, stood at $24.16 billion after it decreased by more than 26%.
Things were still looking good for BTC in the longer term as its price was able to increase by 22+% in the past week alone. BTC was also in the green by 32.07% on its monthly time frame.
The post Avalanche (AVAX) Is Primed To Catch Up to BTC, Predicts Analyst appeared first on Coin Edition.