A popular cryptocurrency analyst and trader has expressed a bearish outlook on two altcoins that have gone unnoticed.
Starting with smart contract platform Avalanche (AVAX), pseudonymous analyst and trader Capo To tell His 695,000 Twitter followers have said that altcoins could lose more than 70% of their value, and the current support level around $10 is likely to collapse.
“AVAX Update:
We hit $10, our main target since May. As you can see, waiting is an important factor when charting long timeframes.
Based on the current data, the $10 support seems unlikely to hold. New main target: $3 – $5.”
Avalanche is trading at $10.70 at the time of writing, down more than 92% from its all-time high set last November.
Next up is Cronos (CRO), a cryptocurrency designed to power Crypto.com’s payment, trading, and financial services platform.
According to Capo, Cronos doesn’t look good from a technical point of view and if it breaks out of the support area around $0.052, another big selling event is likely.
“CRO Update:
The main goal was achieved again, but big:
broken moment [support], the moment it explodes (even harder). If this happens, I wouldn’t be surprised if 70% or more is dumped.
looks bad. “
Kronos is trading at $0.055 at the time of writing. CRO’s 70% devaluation could push altcoins to his new bear market low of $0.015.
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