Avalanche (AVAX) Parabolic Rally – Is It Over?

The crypto market has been seeing important corrections lately, but this did not stop the optimistic predictions from hitting the crypto space.

One of the most successful projects lately has been Avalanche and an important analyst is debating whether the coin can go higher in the near future.

Crypto analyst Benjamin Cowen addressed whether Avalanche (AVAX) has any gas left in the tank after its parabolic rally.

Just in case you don’t know, AVAX hit its ATH of nearly $145 over the weekend.

The smart contract platform was trading around $13 at the beginning of August, according to the notes coming from CMC.

Cowen said that AVAX is getting “somewhat extended.”

On the other hand, he said that Avalanche is at the same level of extension that it was at when it hit $60, and then it more than doubled in price.

Cowen says it would be “concerning” to see the coin get even more extended by continuing to rise in a short period of time.

He also said that AVAX’s US dollar valuation is highly dependent on what Bitcoin (BTC) does.

“As long as Bitcoin stays above its 20-week moving average, then AXAX can continue to rally until it gets too far gone to sustain it in the short term, and then we’ll have a pullback. But as long as Bitcoin stays healthy, then, of course, AVAX can continue to make a move.”

According to the latest reports coming from the Daily Hodl, Cowen noted that AVAX could go up another 50% against Bitcoin.

According to the analyst, such a move would price Avalanche at just over $200 if Bitcoin’s value remained steady.

As you probably know by now, BTC has been seeing some corrections lately, but this did not stop excited investors from buying the dip.