A closely followed crypto analyst and a trader who is pseudonymously known as Altcoin Sherpa comes up with his analysis and is seen warning the traders that altcoins will see more selling pressure if the price fails to hold on to their support level.
The crypto strategist, Altcoin Sherpa informs his 174,900 Twitter followers that Solana (SOL), Polygon (MATIC), Avalanche (AVAX), and Terra (LUNA) will fall below their support levels.
According to Altcoin Sherpa, other weaker cryptocurrencies might be affected if these four cryptos tumble below their support level.
“These levels are on the edge of getting lost. They better continue to hold or else it’s going to be ‘lights out for many altcoins. And these altcoins have held up better than others; the ones that are already dead might fall even more. SOL. MATIC. AVAX. LUNA.”
If Solana fails to hold on above its support level which stands above $75, then the analyst predicts 33% fall.
On the other hand, while talking about Polygon, Altcoin Sherpa is of the opinion that if MATIC’s price falls below its support level at $1, then we will see a downfall of 60%.
Meanwhile, for the Ethereum competitor, Avalanche (AVAX), the crypto strategist loses its support level at $58 then the bears will successfully drag the price towards $39
Now, coming to LUNA, the price is expected to decline by 25% if bulls don’t maintain above the $75 support level
Moving further, the Altcoin Sherpa speaks about Algorand (ALGO), The Graph (GRT), The Sandbox (SAND), and Chainlink (LINK) will see a drastic bear market, especially if Bitcoin price sees a price drop below $33,000.
“These are some examples of dead ass altcoins that could get destroyed really badly (even worse than others). ALGO. GRT. SAND. LINK. I’m not saying that these altcoins are necessarily going to go to these low a** targets. It would take BTC going to sub $33,000 for this to happen in my opinion.”
Algorand is on the verge to see a 42% correction in the days to come.
On the other hand, GRT is expected to face a massive pull of 86%.
Meanwhile, Altcoin Sherpa forecasts LINK to plummet by 60% soon
Altcoin Sherpa concludes his analysis by predicting that LINK, GRT, ALGO, and SAND might see a price rise between 50% to 200%
“Furthermore, many of these altcoins’ charts are at support levels now, which is why I still think short-term relief could become. With that said, the high timeframe market structure for 90% of these altcoins’ charts are all undeniably bearish, and I still think we get a slow bleed from them until BTC resolves itself. Once BTC does recover a bit, I think these altcoins do 50%+ to 3x (or more), depending on the level of recovery.”
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Source: https://coinpedia.org/altcoin/sol-matic-and-avax-price-on-verge-of-50-drop-this-is-what-traders-should-look-at/