Well-known cryptocurrency trader Rekt Capital states that Ethereum (ETH) competitor Avalanche (AVAX) is preparing for another significant rise to a new price target.
Rekt Capital informed its 514,000 followers on social media platform X that AVAX has turned the $38.57 level from resistance to a new support level, which may allow it to rebound to price ranges not seen since March of this year.
Since successfully retesting the macro downtrend as support, Avalanche's stock price has officially doubled.
As we enter December, maintaining the light blue level ($38.57) as a support level may gradually push the price up to around $60.”
At the time of writing, AVAX's trading price is $42.90, having risen over 70% this month.
The trader is also focused on Dogecoin (DOGE), which has risen over 200% in the past few weeks.
According to Rekt Capital, DOGE is destined to continue rising, with any potential drop below $0.40 being an opportunity for bulls to enter.
“Dogecoin's daily closing price is consistently above the key resistance level (blue).
If necessary, any drop to $0.39 would constitute a retest after a breakout.
Overall, DOGE has good conditions to continue its trend.”
Traders say that a daily closing price above $0.39 would constitute a breakout for DOGE's price.
At the time of writing, DOGE's trading price is $0.44, and it has closed above the confirmed level of Rekt Capital.
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