Analyst Says Ethereum-based Altcoin Heading for 80% Rally, Targets Avalanche and Polkadot

A popular cryptoanalyst updates his view on three altcoins as the digital asset markets witness a corrective move.

Starting with The Graph (GRT), pseudonymous analyst Cred tells his 47,800 YouTube subscribers that the blockchain data indexing protocol could increase by around 80% from current levels if the broader crypto market picks up.

“This is one that structurally looks good. Again, it’s at the whim of the rest of the market which is in opposition and is a bit difficult and difficult.

But purely in terms of short-term trading levels and clear weekly structure, $0.14 to $0.15 for this thing is a very self-evident range high, and if the market continues to risk or doesn’t spew or break out or do whatever, this is a of those where the next high timeframe problem area is some distance away. In this case close to $0.30.

If broader market conditions allow it and it’s basically a retest that holds and blocks a divergence like a classic breakout and retest, there’s quite a bit of room, you know 80% quite conservatively on the weekly time frame before the next problem area.”

The graph is worth $0.165 at the time of writing.

Next up is Avalanche (AVAX). According to Cred, the Ethereum (ETH) competitor is demonstrating “textbook” support and resistance levels on the daily chart.

Cred says Avalanche could rally over 30% from today’s levels if it breaks above the resistance level around $21.50.

“In terms of type of target or room to maneuver between this future resistance breach [at around $21.50] and the next resistance [at around $27], there is some room to be honest. This is [$21.50] a very large level, so I expect a fairly significant move from it.

And the next problem area if we’re even a little conservative is likely to be against this previously high area [$27]low range…

Between $21 and $27, again, it’s not going to be perfect, but if it’s close to 30% between the holiday window and the next problem area, it’s definitely worth paying attention to.”

Avalanche trades for $19.55 at the time of writing.

As for interoperability blockchain Polkadot (DOT), the pseudonymous analyst says the 14th largest crypto asset by market capitalization could rally by about 28% from current levels if it retests the nearest resistance level on the weekly chart.

“Regarding retest levels, any weekly that does not close below $6.80 is technically a bullish retest candle in this context.

And then on the other side of the range, if this is a recovery-range-low kind of setup, your high range is closer to $9. So there might be something there.”

Polkadot is worth $7.02 at the time of writing.

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