Cryptoanalyst Issues Warnings for Avalanche (AVAX), Polygon (MATIC) and an Additional Altcoin
A widely followed cryptoanalyst issues fresh warnings for a trio of altcoins as markets try to recover from a prolonged downtrend.
The pseudonymous trader known as Altcoin Sherpa tells his 183,000 Twitter followers that tier-1 blockchain Avalanche (AVAX) and Ethereum (ETH) scaling solutions Polygon (MATIC) and Optimism (OP) are poised to see declines.
The analyst says that bearish market conditions could push AVAX below $13 before triggering a recovery.
“AVAX: The overall market structure is still bearish, if this is the bottom, wouldn’t be surprised to see at least one last shakeout to $13 or lower, and then the recovery starts. It would look like a double bottom (chop around for several months too). Still bearish for now.”
AVAX trades for $17 at the time of writing.
Altcoin Sherpa then sets his sights on MATIC, saying that he expects the crypto asset to see a significant drop before settling near $0.60 near the end of the year.
“MATIC: The higher time frame idea for this … looks at $0.60.”
MATIC is trading hands at $0.733 at the time of writing, more than a 50% correction away from the analyst’s lowest target of $0.35.
Looking at the OP, Altcoin Sherpa says he sees layer-2 let go to $0.50 and will not make a return for a long time.
“OP: Probably going to $0.50 or so longer term… I don’t see this going for long. Don’t buy this long term in my opinion.”
OP is valued at $0.89 at the time of writing.
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Featured Image: Shutterstock/BRADLEY LAWSON
