The cryptocurrency that grew by 370% in a few months is named

A cryptocurrency analyst known as Bluntz has expressed bullish sentiment about the popular first-tier altcoin. The Avalanche token (AVAX) has managed to grow by 370% in 3 months.

As Bluntz told his 232,600 followers on the X platform, the current price dynamics of AVAX mirrors the price dynamics of bitcoin in October and November. The strategist emphasized that Avalanche is forming a pattern that could lead to a price of $ 50, which is above its current level.

According to the trader’s four-hour chart, who uses Elliott Wave Theory in his technical analysis, Avalanche has so far completed two waves of a bullish five-wave pattern that could potentially take the asset to above $ 50.

The Elliott Wave Theory is a tool used to predict future price movements based on the assumption that prices move in repeatable and predictable patterns of five waves. At the time of writing, Avalanche is trading at $ 46.06, which is 372% higher than the price of $ 9.06 reached on October 20. Over the past day, the token managed to grow by 3%, over the week — by 16.2%, and over the month — by 127.8%.