When updating his predictions for Pepe (PEPE) and Avalanche (AVAX), a well-known crypto analyst cautions that altcoins might be about to make a significant move to the negative.
Altcoin Sherpa, a fake cryptocurrency expert with 195,100 Twitter followers, predicts a 50 percent price reduction for altcoins.
On the other hand, he claims that they will experience reversals when they pass through critical support levels.
The trader predicts that the memecoin Pepe, which has fallen in value by around 67% from its all-time high, will soon see a rebound.
The VPVR is often monitored by traders since it displays the ranges of prices at which an asset was actively traded on the market.
Altcoin Sherpa claims, “Fibonacci retracement levels plus a high-volume region on the VPVR indicate a potential support or resistance zone. We won’t know how high it goes until we try. I am still employed as a PEPE.
The investor also considers Avalanche, a competitor to Ethereum (ETH), noting that its price has been fluctuating between $13 and $21 for most of 2023. Once AVAX reaches the support level, it may have a rebound, as predicted by Altcoin Sherpa.
Polygon (MATIC), a layer-2 scaling solution, is another cryptocurrency on Altcoin Sherpa’s radar. He estimates that $0.75 is a possible support level for this asset.
Finally, the trader predicts a near-term uptick in the decentralized derivatives market Injective Protocol (INJ). Nonetheless, he cautions that INJ is still in a bear market and might go far lower than $4.
“Although INJ has seen considerable success in the past, I anticipate that its long-term price will be less than $4. However, I anticipate a reversal at this area and the.618 fib (Fibonacci) retracement level. Possible long opportunity at this area’s S/R level, Fibonacci retracement, etc.”
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