Is Avalanche’s Parabolic Rally Over? Analyst Benjamin Cowen Predicts Potential Price Targets for Red-Hot Ethereum Competitor

Popular crypto expert Benjamin Cowen is evaluating whether Avalanche (AVAX) has any gas left in the tank after its parabolic rally over the previous 3 months.

The clever agreement platform’s native token, AVAX, is trading at $117.85 sometimes of composing. The 11th-ranked property by market cap struck its all-time high of almost $145 over the weekend. The clever agreement platform was trading around $13 at the start of August.

Cowen informs his 627,000 YouTube customers that AVAX is getting “rather extended.” Nevertheless, he keeps in mind that Avalanche is at the very same level of extension that it was at when it struck $60, and after that it more than doubled in cost.

Cowen states it would be “worrying” to see Avalanche get back at more extended by continuing to increase in a brief time period.

He keeps in mind, nevertheless, that AVAX’s United States dollar evaluation is extremely depending on what Bitcoin (BTC) does.

“As long as Bitcoin stays above its 20-week moving average, then AXAX can continue to rally till it gets too far gone to sustain it in the short-term, and after that we’ll have a pullback. However as long as Bitcoin remains healthy, then, naturally, AVAX can continue to make a relocation.”

Cowen notes that AVAX might increase another 50% versus Bitcoin to arrive of its uptrend channel versus BTC. According to the expert, such a relocation would price Avalanche at simply over $200 if Bitcoin’s worth stayed stable.


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