Anticipated Price Surges: Avalanche (AVAX) and (FET) Rally Predictions, Gaming Altcoin Focus Areas

A highly regarded cryptocurrency trader foresees additional price surges in store for the smart contract platform Avalanche (AVAX) and the artificial intelligence (AI)-centric altcoin (FET).

Pseudonymous analyst Altcoin Sherpa, with a substantial following of 201,600 on the social media platform X, indicates that Avalanche's rally might still have room to grow. The trader has shared a chart displaying AVAX's breakout from its $39 resistance level on the weekly chart. Altcoin Sherpa remarks, 'AVAX: The impressive momentum continues, even amidst the proliferation of new layer-1s and layer-2s. AVAX has notably outperformed many of the latest blockchain projects during this bullish phase. According to my analysis, the next targets to watch are $55 and $60.

Source: Altcoin Sherpa/X

At the time of writing, AVAX is valued at $39.63.

When analyzing the decentralized machine-learning network, Altcoin Sherpa expresses optimism regarding FET's potential for upward movement. The analyst believes that FET could experience a substantial increase of over 40% from its current price.

Altcoin Sherpa comments, 'FET: The current price level is intriguing, but I'm holding off on buying at this point. I'm still on the lookout for my primary AI investment for this market cycle. I've invested in other assets and narratives, but not this one just yet. In the mid-term, it seems plausible that FET could reach $0.90, to be frank

Source: Altcoin Sherpa/X

At the time of writing, FET is trading at $0.64.

Altcoin Sherpa's attention is also drawn to the native asset of the blockchain-based gaming network Beam (BEAMX). However, the trader mentions that he is waiting for BEAMX to experience a further price decline before considering an entry.

Altcoin Sherpa provides insights, stating, 'BEAM: A notable pullback for those considering an entry soon. I believe BEAM serves as a valuable indicator for the broader web3 gaming sector. I already hold a position and plan to retain it for an extended period. The $0.016 level is intriguing to me—it represents the 0.50 Fibonacci retracement level of the entire price movement. This is where I would be monitoring for potential opportunities.'

Source: Altcoin Sherpa/X

At the time of writing, BEAM is trading at $0.019.

Dec 19, 2023

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