Van de Poppe Looks Into Avalanche And Predicts A Strong Year Ahead

A top crypto market analyst and trader Michaël van de Poppe is looking into one of the top Ethereum competitors Avalanche.

In a recent video, Van de Poppe shared with the 155,000 subscribers on his YouTube channel that both Avalanche (AVAX) and Solana (SOL) have grown in popularity this year as rivals to Ethereum (ETH).

Zooming in on AVAX, the analyst identifies potential entry points as AVAX price is down approx. 40% from its all-time high of $144.96.

“When we come to potential entry points, we can also start deriving that based on the previous price action.

So if AVAX is going all the way back towards $55 and the previous high, that is still a bullish outcome, and it’s not weird to expect a retrace taking place all the way to there before we’re going to have a reversal, as usually those levels are getting a test. So that is the entry point numero uno if you’re getting interested in AVAX…

The second one is around this block that we have been bouncing from [$65-$85].”

AVAX’s deep correction puts it in a firm position to rally next year, says the trader.

“And definitely, the left side of this chart shows that after a big impulse wave, you will get a corrective period which we are currently also seeing before we are going to have a new impulse wave taking place in 2022.” 

At the time of writing AVAX is at $89 up 11.3% on the daily chart.

How the future price for AVAX could look, Van de Poppe uses the Fibonacci extension tool to derive potential target points.

“We are looking at a potential target at $230. We’re looking at $300, and we’re looking at $370.

So is AVAX going to run towards those numbers in the next impulse move? I would not be surprised to see a run of AVAX going toward $360 if we are going to have a bottom.

In which case, we are going to have a new expansion looking for new impulse wave, coming together with the actual growth of the ecosystem resulting in that move.”