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Solana, Avalanche, and Polygon Breaking Out as One DeFi Altcoin Carves Bear Market Bottom: Top Crypto Analyst
The crypto analyst who accurately called the 2018 bear market bottom for Bitcoin (BTC) says 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) umceli-mngeni uSolana (SOL) has taken out the resistance of its symmetrical triangle formation.
“Multi-month accumulation break on SOL.”
umthombo: Isilawuli esiSilumkileyo / iTwitterNgexesha lokubhala, i-SOL itshintsha izandla nge-46.98 yeedola.
The crypto strategist says that fellow smart contract protocol Avalanche (I-AVAX) as well as Ethereum scaling solution Polygon (UMATIKI) have also torched the resistance of their respective triangles.
umthombo: Isilawuli esiSilumkileyo / iTwitterAt time of writing, AVAX is trading at $29.44, down 1.38% on the day.
Umthombo: Isilawuli esikrelekrele / iTwitterAt time of writing, MATIC is swapping hands for $1.03, a 2.47% increase in the last 24 hours.
Looking at borrowing and lending protocol Aave (I-AAVE), Smart Contracter believes that the decentralized finance altcoin is in the process of carving a cycle bottom against Bitcoin (AAVE/BTC).
“An old favourite, AAVE putting in a bottom against BTC.”
umthombo: Isilawuli esiSilumkileyo / iTwitterEjonge e Bitcoin itself, Smart Contracter believes that BTC is about to breach its immediate resistance at $24,700 and ignite a rally toward its next resistance at $30,000.
“If BTC breaks $24,000, any corrective WXY structure from the lows is invalid in my eyes, and this move up would then be bullish accumulation and a series of 1-2s.
[BTC] still hasn’t broken out yet, but I suspect it will.”
umthombo: Isilawuli esiSilumkileyo / iTwitter Ungaphoswa siBethi - Bhlisa ukufumana izilumkiso ze-imeyile ze-crypto ezithunyelwe ngqo kwi-inboxHlola Price Action
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