Altcoin Sherpa, a popular crypto analyst, warned that Avalanche (AVAX), which is seen as a rival to Ethereum (ETH), may be facing a difficult period. The analyst noted that AVAX could decline more than 22% from its current value. This claim worried investors and raised questions about the Avalanche’s future. Here are the details…
According to Altcoin Sherpa’s analysis, pressures on Avalanche’s current value could cause the cryptocurrency to experience a significant collapse. The analyst examined the chart of AVAX for this bearish scenario and suggested that it would pull back once it broke through the key resistance level of $21.17 based on a historical pattern. This is considered a serious warning sign for investors and has caused speculation about the Avalanche’s future.
“AVAX: I think it’s at a really important level for that. (…) I’m not talking about the short position, but I think the current level looks important. “Personally, I expect a slightly lower level, around $16.”
AVAX is trading at $20.60 at press time.
Popular meme coin Dogecoin after analyst viewed and said that DOGE is on the verge of forming a bullish price pattern.
“DOGE: interesting movements in recent days. I think this is an important level. a higher [fiyat] We’re about to see if it creates. If we see that a higher low is formed in addition to this, I think there is a bullish market structure. However, I still don’t think DOGE is doing as well as it has in previous cycles due to its MC (market cap). “I would probably look at other meme coins further down the risk curve.”
Finally, the analyst says that popular altcoin Polygon (MATIC) will most likely fall to a key Fibonacci level and then bounce.
“MATIC: In my opinion, there is a good entry opportunity at $0.75.”
You can follow the current price movement here.