Top Analyst Warns Another Bottom For AVAX, MATIC & Another Altcoin
A renowned crypto analyst and expert have come up with his analysis as he warns of another correction for three of the most tracked altcoins.
The analyst who is anonymously known as Altcoin Sherpa informs his 183,000 admirers over Twitter that Avalanche (AVX), Polygon (MATIC), and Optimism (OP) are all on the verge of forming a downward pattern.
As per the analyst, Avalanche (AVAX), a layer-1 blockchain will plunge below $13 during this market correction before the currency heads towards the recovery phase.
He then says that if this is the bottom then AVAX will definitely see one last leg down towards $13 or lower and this will appear like a double bottom.
$AVAX: Overall market structure is still bearish, if this is the bottom then wouldnt be surprised to see at least 1 last shakeout to $13 or lower and then recovery starts. It would look like a double bottom (chop around for several months too). Still bearish for now. #AVAX — Altcoin Sherpa (@AltcoinSherpa) September 21, 2022
At the time of writing, Avalanche (AVAX) is trading at $16.80 with a slight surge of 0.07% over the last 24hrs.
The next currency that has grabbed Sherpa’s attention is Ethereum (ETH) scaling solutions Polygon (MATIC). He claims that before the MATIC price trades around $0.60 which is expected to happen by the end of 2022, the currency will see a price drop.
$MATIC: Higher time frame idea for this one… looking at .60. #MATIC — Altcoin Sherpa (@AltcoinSherpa) September 21, 2022
Currently, MATIC is valued at $0.72 after a fall of 0.86% in the last 24hrs.
The last altcoin that has caught the expert’s attention is the layer-2 blockchain, Optimism (OP). Here Altcoin Sherpa asserts that OP price will fall to $0.50 and the currency will not see a trend reversal for quite a long time.
Hence, he quotes not to buy this currency for a while now.
$OP: Probably going to .50 or so in the longer term…I don't see this going on a run for a long time. Don't buy this for the long term IMO. — Altcoin Sherpa (@AltcoinSherpa) September 21, 2022
At the time of publication, Optimism (OP) has surged by 4.13% in the last 24hrs and is now trading at $0.93Source