Ethereum competitor shows strength as Bitcoin loses ground, says crypto trader Benjamin Cowen

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Crypto analyst Benjamin Cowen says Ethereum rival shows strength as Bitcoin retreats from all-time high.

Cowen told his 576,000 YouTube subscribers that AVAX, the native token of the Avalanche smart contract platform, “is weathering the storm relatively well.”

The 12th-ranked asset by market cap trades at $ 68.28 at the time of writing, up more than 5% in the past 24 hours and more than 20% in the past week, according to CoinGecko.

Cowen notes that AVAX is trading well above its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). Taken together, the two measures are what Cowen calls the “bull market support band”.

“We also have some leeway in the sense that we are above the support band of the valuation AVAX / USD bull market. The 20 week SMA is $ 35.85 and the 21 week EMA is $ 43.47. What this tells you is that Avalanche has performed quite well in recent weeks.

A lot of coins are just above their bull market support band, and they haven’t been performing as well recently. A lot of these things can have some type of seasonality as the silver ball jumps from project to project, and right now, clearly, AVAX is showing decent strength.

Cowen doesn’t predict that AVAX will have a strong move against Bitcoin “over the next month,” but does say that Avalanche may rise in value in terms of its relationship to the US dollar in the near term.

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