A crypto analyst who knows about Bitcoin crashes said that a popular altcoin project will fall hard imminently. The related altcoin is a project closely followed by Turkish investors.
Hit analyst sees bearish for this altcoin
The crypto analyst nicknamed Capo warned altcoin investors in his current analysis. The analyst says that Avalanche, which is among the top 20 by market capitalization, will fall sharply. As the price target, Capo has set the $3 and $5 range. The analyst expects the AVAX price to decline to these levels in 2023.
Capo said in May that the AVAX price would break $10. We’ve now reached that $10 goal. The analyst now says the bears will head towards the $3-5 zone as the next supports. At the time of writing, AVAX is trading just above this level. It is down more than 80% from the $145 ATH price in November 2021.
How about the AVAX price?
cryptocoin.comAs you follow, Avalanche has been in a downtrend since the end of August. Long-term investors continue to face losses. AVAX fell below $11.78 as Bitcoin fell below $16.88k. The above sensitivity to BTC’s performance could complicate AVAX’s uptrend if BTC is bearish and therefore worthy of investors’ watchlist. However, given the bearish structure that AVAX is currently showing, the bears could push its price above these key levels. But Capo says this is not possible in the short term. AVAX price will have to drop below $10.
Technically speaking, AVAX has been trading in the $11.16 – $10 range since Dec. Also, AVAX has faced several price rejections at $11.93 blocking recent rally attempts. It is currently in a position to drop below $10 and settle at $11.16. The RSI has been rejected several times at the 40 mark, which explains the price rejection at $11.93. The RSI showed a bearish drop in buying pressure as the selling pressure increased.
Additionally, the Balance Volume (OBV) failed to rise above the 136M volume mark. Therefore, the buying pressure and the rise of AVAX were limited by volume fluctuations. Therefore, AVAX will likely break $10 by offering short selling opportunities. An extremely bearish BTC could even cause AVAX to drop to $10.40.
However, a break above the current hurdle and the $11.93 price rejection level will invalidate the above bearish prediction. In such a case, traders will want to watch if the RSI rises above the 40 mark and OBV rises above 136M to close their short positions.
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