A top crypto analyst has warned investors that two popular altcoins are showing a bearish trend despite performing well over the past few months.
Popular analyst Smart Contracter has 205,200 Twitter followers, Ethereum rival terrHe said that a (LUNA) might face tough hurdles.
“LUNA, another of the leaders of the last six months, looks well and truly tired.”
LUNA’s support levels, which have been maintained since July 2021, have reversed and turned into resistance areas over the past few weeks, according to the strategist’s charts.
Terra is trading at $52.64, down nearly 50% from its all-time high at the time of writing.
The next coin analyzed by the analyst is a major competitor to Ethereum (ETH), currently ranked as the eleventh largest crypto asset by market capitalization. Avalanche (AVAX).
Smart Contracter first goes to an assessment on BTC trading pair with AVAX. The analyst says Avalanche is facing heavy selling pressure to the downside as its tier 1 scaling solution slumped lower after hitting an all-time high against BTC in December. The crypto strategist adds that this trend is “quite alarming.”
“AVAX/BTC looks dangerous here. It looks like they are trying to bring a serious macro down. And this has been one of the strongest leaders in the last six months. So it’s definitely pretty worrying.”
Avalanche (AVAX) is trading at $66.06 at the time of writing, down 54% from its all-time high reached in November.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.