Trader Predicts One Ethereum Competitor To Plunge by Double Digits, Updates Outlook on Dogecoin and Polygon
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.”
Source: Altcoin Sherpa/X
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.”
Source: Altcoin Sherpa/X
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.”
Source: Altcoin Sherpa/X
Polygon is trading for $0.80 at time of writing, down 9.7% in the last 24 hours.
