A popular crypto analyst is predicting that one Ethereum (ETH) competitor is on the verge of a massive collapse.
Pseudonymous trader Altcoin Sherpa tells his 197,900 followers on the social media platform X that Avalanche (AVAX) could decline by more than 22% from its current value.
“AVAX: really key level for this one in my opinion. I don’t see AVAX holding it unless Bitcoin (BTC) looks better. Not saying to short, but I think this current level seems important. Expecting a bit lower personally, like $16.”
The trader’s chart suggests AVAX will pull back after crossing a key resistance level at $21.17 based on a historical pattern.
AVAX is trading for $20.60 at time of writing, down 9.4% in the last 24 hours.
Next, the trader weighs in on Dogecoin (DOGE), and he says the memecoin is on the cusp of printing a bullish price pattern.
“DOGE: interesting moves the last few days. I think this is a key level. We’re about to see if it can make a higher high [price]. If we see that plus a higher low formed, I think we see a bullish market structure.
That said, I still don’t think DOGE is as good as it was in previous cycles due to MC (market capitalization). Would probably look for other memes down the risk curve.”
Dogecoin is trading for $0.0819 at time of writing, up 6% in the last 24 hours.
Lastly, the trader says that the blockchain scaling solution Polygon (MATIC) will likely retrace to a key Fibonacci level and then bounce.
“MATIC: decent entry coming up here at $0.75 in my opinion.”
Polygon is trading for $0.80 at time of writing, down 9.7% in the last 24 hours.
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The post Trader Predicts One Ethereum Competitor To Plunge by Double Digits, Updates Outlook on Dogecoin and Polygon appeared first on The Daily Hodl.
