One of the popular Crypto analysts who is pseudonymously known as Capo is expecting a bearish momentum for two Ethereum competitors
Capo explains to his 263,800 Twitter followers that we could see a downfall of two layer-1 platforms by over 50% from their current levels
The cryptanalyst starts his prediction with Fantom (FTM) and asserts that Fantom (FTM), a smart contract-enabled Blockchain’s native token is depicting a bearish pull when in comparison with Bitcoin (BTC).
Fantom (FTM)
According to Capo, Fantom could decline at least $0.35 in a three-wave corrective move formed by Elliott Wave Theory. This Elliot Wave Theory refers that the asset’s main trends move in a five-wave pattern whereas the correction happens in a three-wave pattern.
“FTM
Pair against BTC keeps looking bearish as fuck, and it broke the major support like butter.
Main target updated: $0.30 – $0.35.”
At the time of reporting, Fantom is changing hands at $0.849 with a surge of 7.24% over the last 24hrs.
Solana (SOL)
The next token that the cryptanalyst talks about is Solana (SOL). Capo refers to a bearish scenario for Solana, as the SOL has dropped by around 49%, as the currency is trading between $40 to $45.
As per Capo, once Solana hits the stage that was last reached in August 2021, the currency would start with its recovery stage.
At the press time, Solana is valued at $92.77 with an uptrend of 5.38% over the last 24hrs.
As the first two largest cryptocurrencies, Bitcoin and Ethereum are waving red, the analyst claims that the crypt market will decline even more.
“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. The leverage ratio is at an all-time high. Capitulation is getting more and more likely, and we could see 50-60% drops soon.”
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Source: https://coinpedia.org/altcoin/fantom-solana-flashes-bear-cycle-heres-why-ftm-sol-price-will-drop-50/