Widely followed crypto analyst Michaël van de Poppe shared on Twitter that Avalanche and many other altcoins have fallen below their 50-day moving averages following a sharp drop since last week. If the tokens can regain that moving average, it will trigger a “serious” rally.
AVAX is trading at $23.09 at press time, down 1.2% in the past 24 hours.
Van de Poppe noted that Ethereum (ETH) competitor Fantom (FTM) is currently consolidating and waiting for a signal to reverse to the upside trend.
FTM is trading at $0.307 at press time. The 65th-ranked cryptocurrency by market capitalization is down 1.16% in the past 24 hours.
Van de Poppe added that Bitcoin’s recent price stability could signal strength.
“Well, it’s good that Bitcoin remains stable, while the rest is dropping heavily. If the Euro reverses and stocks imply a bounce, Bitcoin could have some decent strength.”
Bitcoin (BTC) is trading at $21,532 at press time, up 0.33% over the past 24 hours.
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