Pseudonymous analyst Capo tells his 647,500 Twitter followers that leading meme token DOGE will likely lose nearly 90% of its value after flipping support at $0.15 into resistance.
Capo shares a chart showing that DOGE has no high timeframe support until the coin reaches his target at $0.01.
At time of writing, DOGE is trading at $0.09, up nearly 10% on the day.
The crypto strategist is also watching the price action of blockchain scaling solution Polygon. According to Capo, MATIC is likely poised for a 68.75% collapse after respecting resistance at $1.24.
Capo shares a chart showing that MATIC has no high timeframe support until it plunges to $0.30.
At time of writing, MATIC is changing hands for $0.96, down over 5% in the last 24 hours.
Another coin on the trader’s radar is Huobi Token (HT), the utility asset of crypto exchange Huobi. According to Capo, HT’s chart looks bearish after breaking below its diagonal support and converting horizontal support at $10 into resistance.
“The HT chart looks ugly af.”
Looking at the analyst’s chart, he predicts that HT will nosedive to $0.88. At time of writing, HT is valued at $4.49, down nearly 15% on the day.
As for the crypto markets in general, Capo says he expects a brutal capitulation phase where altcoins lose 40% to 50% of their value on average. He also says that another leg down for Bitcoin (BTC) is imminent.
“$14,000 [BTC] sooner than you think.”
Bitcoin is swapping hands for $16,762 at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Almujaddidi