According to top analysts, this altcoin will hit the new ATH ahead of Bitcoin and ETH

A prominent analyst has predicted that a layer 1 smart contract altcoin will hit a new all-time high (ATH) ahead of Bitcoin and ETH.

AVAX could be the first asset in the top 20 largest cryptocurrencies by market cap to set a new all-time high, according to analyst Smart Contracter.

Avalanche is a smart contract-enabled blockchain focused on speed and low-cost transactions. According to Smart Contracter, Avalanche’s downtrend ended after a few months.

“AVAX broke a multi-month downtrend line at the end of the day. I think this could be the first altcoin in the top 20 to hit ATH, ahead of BTC and ETH.”

The source: Smart Contractor

AVAX is trading at $93.04 at press time, down about 37% from ATH’s November 2021 success.

Earlier this month, the analyst said AVAX’s recent downtrend is on track after a 3-wave correction based on Elliott Wave theory. In theory, the mainstream moves in a five-wave pattern, commonly referred to as I-II-III-IV-V, while a minor correction occurs in a three-wave ABC pattern.

At the time, Smart Contracter said that AVAX’s downtrend coincided with hitting the key Fib retracement level of 0.618, further reinforcing his prediction that AVAX would hit ATH ahead of Bitcoin and ETH.

“Since altcoins are a concern, I’m really researching AVAX. Not only did it have a very strong reaction from the critical 0.618 level, but the move down from the highs formed a 3-wave ABC correction.

Expect AVAX to outperform many altcoins and possibly even hit ATH.”

The source: Smart Contractor

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