A high-profile cryptocurrency analyst has issued fresh warnings for three altcoins as the market tries to recover from a long-term downtrend.
A pseudonymous trader known as Altcoin Sherpa has downgraded Polygon (MATIC) and Optimism (OP), layer-1 blockchain scaling solutions for Avalanche (AVAX) and Ethereum (ETH), to 183,000 Twitter followers. He says he’s ready for it.
Analyst To tell Weak market conditions could push AVAX below $13 before triggering a recovery.
AVAX: The overall market structure remains bearish. If this is the bottom, I wouldn’t be surprised if at least one final shakeout goes below $13 and then starts to recover. It looks like (and chops up months). Still bearish for now.
AVAX is trading at $17 at the time of writing.
Altcoin Sherpa then set its sights on MATIC, stating: expect Crypto assets will see a sizeable drop before settling near $0.60 near the end of the year.
MATIC: See this one higher timeframe idea $0.60.
MATIC is trading at $0.733 at the time of writing, more than a 50% correction from the analyst’s lowest target of $0.35.
Looking at the OP, Altcoin Sherpa says it’s looking at Layer 2 drop It will rise to $0.50 and will not bounce back for some time.
“OP: Probably $0.50 or so in the long run…I doubt this will last long. In my opinion, don’t buy this long term.”
The OP is valued at $0.89 at the time of writing.
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