dailyhodl.com
A popular cryptocurrency analyst and trader is expressing a bearish outlook on two under-the-radar altcoins.
Starting with smart contract platform Avalanche ($AVAX), the pseudonymous analyst and trader Capo tells his 695,000 Twitter followers that the altcoin could lose over 70% of its value as he says the present support level of around $10 appears likely to crumble.
“$AVAX update:
reaching $10, which was the main target since May. As you can see, waiting is a key element if you chart high timeframe.
Now, with current data, the $10 support looks unlikely to hold. New main target: $3 – $5.”
Avalanche is trading at $10.70 at time of writing and is down more than 92% from its all-time high, which it hit in November last year.
Next up is Cronos ($CRO), the cryptocurrency designed to power the Crypto.com payment, trading and financial services platform.
According to Capo, Cronos does not look good from a technical perspective and could witness another massive sell-off event if it takes out the support area around $0.052.
“$CRO update:
main target reached again, with a big BUT:
The moment it breaks [support], the moment it nukes (even harder). It wouldn’t surprise me to see it dumping 70% or more if this happens.
It looks bad.”
Cronos is trading at $0.055 at time of writing. A 70% devaluation for $CRO could take the altcoin to a fresh bear market low of $0.015.
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