A popular cryptocurrency analyst and trader is expressing a bearish outlook on two under-the-radar altcoins.
Starting with smart contract platform Avalanche (AVAX), the pseudonymous analyst and trader Capo tells his 695,000 Twitter followers that the altcoin could lose over 70% of its value as he says the present support level of around $10 appears likely to crumble.
“AVAX update:
reaching $10, which was the main target since May. As you can see, waiting is a key element if you chart high timeframe.
Now, with current data, the $10 support looks unlikely to hold. New main target: $3 – $5.”
Avalanche is trading at $10.70 at time of writing and is down more than 92% from its all-time high, which it hit in November last year.
Next up is Cronos (CRO), the cryptocurrency designed to power the Crypto.com payment, trading and financial services platform.
According to Capo, Cronos does not look good from a technical perspective and could witness another massive sell-off event if it takes out the support area around $0.052.
“CRO update:
main target reached again, with a big BUT:
The moment it breaks [support], the moment it nukes (even harder). It wouldn’t surprise me to see it dumping 70% or more if this happens.
It looks bad.”
Cronos is trading at $0.055 at time of writing. A 70% devaluation for CRO could take the altcoin to a fresh bear market low of $0.015.
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