The current upward momentum of the crypto market confirms the role of cryptocurrencies in crisis environments, according to some analysts, and that it is a needed technology other than just an investment tool. However, in his recent analysis of altcoins, “Capo“ shared that he saw bearish signals in Solana and 3 altcoins. Analyst’s current comments cryptocoin.com compiled for our readers.
Analyst detects bearish signals in Solana and 3 altcoins
According to prominent crypto expert Capo, Cardano (ADA), Solana (SOL) and two other altcoins are showing flashing negative signs and advise altcoin investors to beware. Despite the increase in the last 24 hours, the analyst told his 245,800 Twitter followers that the overall market remains under pressure. According to the crypto expert, the recent bounce is a bull trap and cryptocurrencies will definitely continue their downtrend. Capo says:
Some people may think that I am biased to the negative side. I will give a series of examples of cryptocurrencies correcting upwards after breaking critical supports.
Cardano is one of the cryptocurrencies on Capo’s radar, as the crypto expert claims it is showing significant signs of rejection. The analyst closely monitors the reaction of the ADA price from the strong demand zone marked in the chart below:
Solana technical analysis
Solana is another major altcoin project on the analyst’s list. According to the crypto expert, SOL failed to make up the resistance near $120 and is currently in the midst of a recovery.
Waves (WAVES) is the next project on the list, a Blockchain platform that allows users to design, launch and trade their own cryptocurrency tokens. According to Capo, Waves is also nearing the end of its rally.
Coti (COTI), a payment infrastructure platform, is the last altcoin on the Capo list and is testing a significant resistance at $0.24.
Analyst details why he expects decline
According to Capo, the market structures of the four cryptocurrencies reflect the price activity of most cryptocurrencies:
These are just a few examples, but 99% of altcoins look like this. After breaking the entire bullish market structure + upward corrective volatility, it’s hard for me to stay positive here. While the low time frame is fun, don’t be too casual. Time will show everything.
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