As the crypto market continues to evolve, one analyst predicts a significant downturn for the Ethereum Competitor Avalanche (AVAX). This anonymous trader, known in the crypto community as Altcoin Sherpa, has shared his insights with his nearly 200,000 followers on a popular social media platform.
Avalanche (AVAX) Forecast
Altcoin Sherpa believes that Avalanche (AVAX) could face a drop of over 22% from its current price. “The key level for AVAX is critical,” he suggests, adding, “Unless Bitcoin (BTC) shows improvement, I don’t foresee AVAX maintaining its current level. I am not advising to short, but this current level seems crucial. I personally anticipate a slight decrease, possibly to around $16.”
His chart indicates that AVAX could retract after surpassing a significant resistance level at $21.17, a prediction based on historical patterns. At the time of writing, AVAX is trading at $20.60, marking a 9.4% decrease in the last 24 hours.
Dogecoin (DOGE) Outlook
Altcoin Sherpa also shared his views on Dogecoin (DOGE), suggesting that the popular memecoin could soon display a bullish price pattern. “DOGE has made interesting moves in the last few days. This is a pivotal level. We are about to see if it can achieve a higher price. If we see that, plus a higher low formed, we might see a bullish market structure,” he said.
However, he cautioned that Dogecoin might not be as promising as in previous cycles due to its market capitalization. He advised looking for other memes down the risk curve. At the time of writing, Dogecoin is trading at $0.0819, an increase of 6% in the last 24 hours.
Polygon (MATIC) Prediction
Lastly, the trader believes that Polygon (MATIC), a blockchain scaling solution, could retract to a crucial Fibonacci level before bouncing back. He suggested that $0.75 could be a decent entry point for MATIC. At the time of writing, Polygon is trading at $0.80, down 9.7% in the last 24 hours.
With the ever-changing crypto market, it’s crucial to keep up with the latest trends and predictions. Platforms like cryptoview.io can provide valuable insights and real-time data for informed decision-making.
Note: This article is not investment advice. Always conduct thorough research and consider all factors before investing in cryptocurrencies or digital assets.
