A widely followed crypto analyst says that one red-hot Ethereum (ETH) rival that’s skyrocketed over 460% in 90 days has confirmed a breakout.
Pseudonymous analyst Rekt Capital tells his 378,700 followers on the social media platform X that layer-1 blockchain Avalanche (AVAX) has technically confirmed a breakout by successfully flipping its macro downtrend from resistance to support.
However, after confirming its breakout, the trader doesn’t specify what price level AVAX will ultimately reach.
“Avalanche has successfully retested its macro downtrend as new support. Up +36% since the retest, even more if you caught the downside wick into $32 (red). Technically, this retest has fully confirmed a breakout beyond the macro downtrend.”
Avalanche hit a low of $8.65 on October 16th but is now trading for $47.79 at time of writing, a staggering gain of about 460% during the last three months and a fractional decrease during the last day.
Next up, the strategist brings up the data monetization project Ocean Protocol (OCEAN), saying that the digital asset has also successfully tested a key area as support – setting the stage up for a rally to around the $0.64 level – which he says will serve as a point of resistance.
“OCEAN. Successfully retested the red area as support and now rallying +20%. On its way to the black resistance ahead. Following the green path perfectly.”
OCEAN is trading for $0.561 at time of writing, a 1.73% increase during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
![](https://dailyhodl.com/wp-content/uploads/2018/06/Get-Alerts-728x90.png)
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Dotted Yeti/Nikelser Kate
The post Ethereum Competitor That’s Exploded Over 460% in Under Three Months Has Confirmed a Breakout, Says Trader appeared first on The Daily Hodl.