While the altcoins were crashing on Thursday, Friday, and Saturday, Avalanche (AVAX) and Theta (THETA) were among a small handful of altcoins to bounce back hard.
$AVAX looks to take limelight from $SOL
$AVAX is currently making up for lost time. While competitors such as Solana (SOL) have been heading skyward at a rate of knots for quite some time now, $AVAX has been playing catch up.
And catch up it has. In the last 8 days, $AVAX has put on nearly 50% in gains, which is only just short of the $SOL 52% for the same period. $SOL is currently at $207, while $AVAX is at $64. However, at the rate that the $AVAX price is increasing (up around 10% on the day, while $SOL is up 2.7%) $AVAX could be looking to take over the limelight.
Source: Coingecko/Trading View
On the weekly time frame, it can be observed that $AVAX is currently at resistance at $64. It can be imagined that something comparable to last week’s volume spike may be needed in order to surpass this level at first time of asking. The next target for $AVAX is $98 to $100.
$THETA one of the strongest bounces
Source: Coingecko/Trading View
$THETA has bounced nicely from support around the $2.63 area. It has just broken out above the trend line and might be expected to hit the 0.618 fibonacci at $3.37, and then possibly the 0.786 at $3.57. A more aspiration target, at least for the short to medium term is at $4.38.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
