July 25, 2024
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Cowen Benjamin, Trader Says One Ethereum Competitor Is Showing Strength As Bitcoin Loses Ground


Cowen, Crypto analyst Benjamin notes an Ethereum rival is showing strength. Especially, as Bitcoin declines from it’s all-time high.

Furthermore, Cowen goes on to tell his 576,000 YouTube subscribers that AVAX. Noting that the native token for the smart contract platform Avalanche, is
“weathering the storm relatively well.”

More so, AVAX is the 12th asset by market cap, currently trading at around $68.28 at time of writing. Notably, this is showing more than 5% increase within the past 24 hours. Also, more than 20% in the past week, according to CoinGecko.

Additionally, Cowen says that AVAX is trading comfortably above its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA).
Consequently, the two metrics makes up what Cowen calls the “bull market support band.”

So, Cowen explains
“We also have some wiggle room in the sense that we are above the…”
“bull market support band of the AVAX/USD valuation…”
“The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47…”

Furthermore, Cowen adds.
“What that tells you is that Avalanche has been performing pretty well for the last several weeks…”
“A lot of coins are right above their bull market support band,..”
“and they haven’t been performing as well recently…”

More so, Cowen continues.
“A lot of these things can have some type of seasonality as the money ball…”
“just jumps around from project to project, and right now,..”
“clearly, AVAX is showing a decent amount of strength.”

Lastly, Cowen is not predicting that AVAX will have a strong move against Bitcoin. Especially, “in the next month or so,” however, he notes that Avalanche can increase in value. Like, In terms of its US dollar pair in the short term.