The cryptocurrency market suddenly turned into a bloodbath. Leading crypto Bitcoin dropped to 65 thousand dollars. In addition, altcoin projects saw sharper declines. One of these was Avalanche, which Turkish crypto investors included in their baskets. Moreover, it is possible for this decline to continue. The popular analyst nicknamed Crypto Capo points to lower bottoms for AVAX. Technical analyst Tiago Amaral also says that technicals are predicting a decline.
Crypto Capo awaits a deeper decline in AVAX!
cryptokoin.comAs you follow from , the market started the new week in the red zone. Moreover, today the decline deepened and caused a bloodbath in the market. A popular analyst nicknamed Crypto Capo predicts that this decline will continue. The analyst predicts a crash in Bitcoin and altcoin prices. Crypto Capo says that the recent declines in the market are not over yet and prices have not reached important support levels.
Crypto Capo notes that the downside movement is fueled by large long positions opened on each dip. He also notes that this leads to lower peaks in price. The analyst suggests particularly sharp declines in Avalanche (AVAX) in the near future. In this context, Capo expects AVAX to fall to the $24 – $30 range.
AVAX Price Prediction: Is $40 on the table for the altcoin?
Technical analyst Tiago Amaral looks at the technical picture of AVAX. Recently, AVAX’s Exponential Moving Average (EMA) lines have formed a formation known as a ‘death cross’. This occurs when a shorter-term EMA crosses below a longer-term EMA. Additionally, this event is widely accepted as a bearish signal in the market. It usually indicates significant downtrend potential.
This latest ‘death cross’ formation on AVAX’s chart is likely a sign that the downward momentum will continue. Moreover, it will likely drop its price to $40 in the near term. This indicator is particularly noteworthy for those who follow AVAX’s price movements. Because it shows that the possibility of a downward trend is increasing.
However, it is possible that market sentiment will change and an uptrend may begin. In this case, the altcoin price is likely to test the resistance levels at $59. Moreover, AVAX has the potential to extend gains towards $65.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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