Top Crypto Analyst Warns Of AVAX And 70% Altcoin Crash
Two unnoticed cryptocurrencies are the subject of a pessimistic forecast from a well-known cryptocurrency expert and trader.
The analyst and trader Capo, who goes by the alias Capo, warns his 695,000 Twitter followers that the cryptocurrency might lose over 70% of its value as the current support level of roughly $10 is likely to collapse. He starts with the smart contract platform Avalanche (AVAX).
“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.”
At the time of writing, Avalanche is trading at $10.70, more than 92% below its all-time high, which it reached in November of last year.
The cryptocurrency Cronos (CRO), which powers the Crypto.com payment, trading, and financial services platform, is the next to be discussed.
Capo says that Cronos does not appear promising from a technical standpoint and may experience another significant sell-off if it breaches the support region at $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.”
At the time of this writing, Cronos is selling for $0.055. CRO’s price might drop by 70%, reaching a new bear market low of $0.015.
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