Daily Hodl Staff
A widely-followed cryptocurrency analyst is expressing bearish sentiment 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 the current levels.
Starting with Fantom (FTM), Capo says that the native token of the smart contract-enabled blockchain is flashing bearish signals when paired against Bitcoin (BTC).
Capo says that against the US dollar, FTM could drop to at least $0.35 in a three-wave corrective move based on the Elliott Wave Theory. The theory states that the main trend of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Pair against BTC keeps looking bearish as fuck, and it broke the major support like butter.
Main target updated: $0.30 – $0.35.”
Fantom is trading at $0.7943 at time of writing.
Next up is Solana (SOL). On a chart bearing no caption, Capo illustrates a bearish scenario for SOL by depicting the native token of the Ethereum competitor falling by around 49% to 55% from the current price to between $40 and $45. Solana could then stage a strong recovery after hitting the level last reached in August of 2021, according to Capo.
Solana is trading at $88.69 at time of writing.
“BTC trend is bearish from the one-hour time frame to one-week time frame.
Altcoins broke major support levels and most of them made new lows, confirming that the February-April bounce was indeed a correction.
Leverage ratio is at all-time high.
Capitulation is getting more and more likely, and we could see 50-60% drops soon.”
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