A well-liked cryptocurrency analyst and dealer is expressing a bearish outlook on two under-the-radar altcoins.
Beginning with good contract platform Avalanche (AVAX), the pseudonymous analyst and dealer Capo tells his 695,000 Twitter followers that the altcoin might lose over 70% of its worth as he says the current assist stage of round $10 seems more likely to crumble.
“AVAX replace:
reaching $10, which was the principle goal since Could. As you may see, ready is a key aspect in case you chart excessive timeframe.
Now, with present knowledge, the $10 assist seems unlikely to carry. New major goal: $3 – $5.”
Avalanche is buying and selling at $10.70 at time of writing and is down greater than 92% from its all-time excessive, which it hit in November final yr.
Subsequent up is Cronos (CRO), the cryptocurrency designed to energy the Crypto.com fee, buying and selling and monetary companies platform.
In accordance with Capo, Cronos doesn’t look good from a technical perspective and will witness one other huge sell-off occasion if it takes out the assist space round $0.052.
“CRO replace:
major goal reached once more, with an enormous BUT:
The second it breaks [support], the second it nukes (even more durable). It wouldn’t shock me to see it dumping 70% or extra if this occurs.
It seems unhealthy.”
Cronos is buying and selling at $0.055 at time of writing. A 70% devaluation for CRO might take the altcoin to a recent bear market low of $0.015.
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