A popular cryptocurrency analyst is bearish on two Ethereum (ETH)-competing altcoins.
Pseudonymous crypto analyst Capo tells his 263,800 Twitter followers that the prices of two Layer 1 platforms could fall by over 50% from current levels.
Capo says FTM could fall to at least $0.35 against the US Dollar in a three wave corrective move based on the Elliott Wave Theory. The theory states that an asset’s main trend moves in a five-wave pattern, while a correction occurs in a three-wave pattern.
Pair vs BTC continues to look damn bearish and it broke the main support like butter.
Main target updated: $0.30 – $0.35.”
Fantom is trading at $0.7943 at the time of writing.
Next is Solana (SOL) it’s your turn. On a chart without a label, Capo illustrates a bearish scenario for SOL, plotting the native token of the Ethereum competitor to fall around 49% to 55% from the current price to between $40 and $45. Solana could then rebound strongly after reaching levels last seen in August 2021, Capo said.
Solana is trading at $88.69 at the time of writing.
Capo also doubles down on an earlier capitulation coming warning by saying that crypto markets will continue to decline as Bitcoin and altcoins are all blinking bearish signals.
“BTC trend is down from the 1-hour to the 1-week time frame.
Altcoins broke key support levels and most of them made fresh lows, confirming that the February-April rally was indeed a correction.
The leverage ratio is at one all-time high.
Surrender is becoming more likely and we could see 50-60% declines soon.”
Check the price action
Source: Crypto News Deutsch