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 costs of two layer-1 platforms may fall by over 50% from the present ranges.
Capo says that towards the US greenback, FTM may drop to a minimum of $0.35 in a three-wave corrective transfer primarily based on the Elliott Wave Principle. The speculation states that the principle development of an asset strikes in a five-wave sample whereas a correction happens in a three-wave sample.
Pair towards BTC retains trying bearish as fuck, and it broke the foremost help like butter.
Foremost goal up to date: $0.30 – $0.35.”
Fantom is buying and selling at $0.7943 at time of writing.
Subsequent up is Solana (SOL). On a chart bearing no caption, Capo illustrates a bearish state of affairs for SOL by depicting the native token of the Ethereum competitor falling by round 49% to 55% from the present value to between $40 and $45. Solana may then stage a powerful restoration after hitting the extent final reached in August of 2021, in response to Capo.
Solana is buying and selling at $88.69 at time of writing.
“BTC development is bearish from the one-hour timeframe to one-week timeframe.
Altcoins broke main help ranges and most of them made new lows, confirming that the February-April bounce was certainly a correction.
Leverage ratio is at all-time excessive.
Capitulation is getting increasingly seemingly, and we may see 50-60% drops quickly.”
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