According to analyst Ali Martinez, popular altcoin Terra (LUNA), Cosmos (ATOM) and Phantom (FTM) may be subject to steeper corrections. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
- A sudden increase in profit taking has brought the cryptocurrency market to a very important point.
- For Terra (LUNA), Cosmos (ATOM) and Phantom (FTM), this could even mean retreating into bearish territory, according to the analyst.
- According to Ali Martinez, there may be more selling pressure as these altcoins maintain weak support.
Nearly $900 million worth of long and short positions have been liquidated in the cryptocurrency market in the last 24 hours. Although the sudden correction significantly impacted Bitcoin and Ethereum, at most a few altcoins suffered. Terra (LUNA), Cosmos (ATOM) and Phantom (FTM) are among the hardest hit with more downside potential.
Ali Martinez has given the targets for altcoin project LUNA!
LUNA has gone through a consolidation period of about two months, forming a symmetrical triangle on its daily chart. However, on November 4th, LUNA broke away from it, signaling that it was sticking to the uptrend. The rising price action was supported by news that Grayscale is exploring adding this altcoin to its portfolio of investment products. Although the consolidation pattern showed LUNA heading towards its all-time high of $75, prices failed to break through the psychological resistance barrier of $55. The rejection resulted in a significant increase in profit making, which now seems to invalidate the optimistic thesis.
Terra broke below the $48 support level and it seems to be losing the 50-day moving average at $43 as support. Further selling pressure could be disastrous for the bulls, as it could result in a 52% correction towards the 200-day moving average at $23, according to Ali Martinez. To avoid such a pessimistic outlook, LUNA must rally from current price levels and regain $48 as support. Just above this hurdle, a daily candlestick could signal a continuation of the uptrend towards $75.
Market analyst: ATOM breaks below support
ATOM also continues its downtrend, losing all major support levels below it. The smart contract token broke the 50-day moving average on November 10 and the 100-day moving average recently. According to Ali Martinez, ATOM will likely print a one-day candlestick below $31 as sell orders continue to pile up. This type of market behavior will serve as confirmation for lower prices on the horizon, according to Ali Martinez.
If that happens, nothing will stop ATOM from falling to the 200-day moving average, or $23, according to Ali Martinez. Even though the odds are in favor of the bears, retrieving $31 as support could slow ATOM’s downtrend. More importantly, ATOM will need to close above the 50-day moving average at $35 to retest its all-time high at around $45.
Analyst: These levels are expected for Phantom!
It looks like Phantom has dropped one more foot after breaking the consolidation pattern that has kept its price in check since September 13. The FTM token of the Proof-of-Stake chain has crossed an important support barrier represented by the lower bound of a parallel channel. Breaking such a strong foothold predicted a 40% correction towards the 100-day moving average at $1.62.
According to Ali Martinez, Phantom has pulled back more than 27% so far and appears to be on track to meet its bearish target. A daily candlestick near the 50-day moving average below $2.3 will confirm the gloomy outlook. However, if the Phantom manages to stay above this support level, it could rally before reaching the downside target, according to Ali Martinez.
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