A trader known for accurately predicting the collapse of the cryptocurrency market this year has lowered price targets for various altcoins in anticipation of another capitulation event.
A pseudonymous trader known as a capo To tell His 673,000 Twitter followers now argue that every rise in cryptocurrency prices should be treated as an opportunity to sell.
Capo said he is eyeing Tron (TRX), an open-source blockchain network. According to traders, TRX is gearing up for a drop of more than 50% after breaking out of the descending triangle pattern.
Based on his chart, Capo is targeting levels around $0.02.
“Build a short position with TRX
It’s not financial advice. ”
At the time of writing, TRX is trading at $0.05.
Capo is aiming for an even more dramatic drop in blockchain scaling solution Polygon (MATIC). MATIC is headed for his $0.30, which is more than 64% off the current price, according to popular analysts.
MATIC is up 8.5% over the last 24 hours and is trading at $0.85.
Capo also has price targets for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC) and Polkadot (DOT), the native tokens of defunct crypto exchange FTX. We believe that the FTT, which is , will be effectively zero.
“Potential targets for local bottoms after a surrender event (updated):
BTC 12k-14k
Ethereum 600-650
ADA 0.16-0.20
LTC29-32
Dot 2.8-3.1
FTT 0.000001.”
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