Crypto Analyst Issues Major Warning To Altcoins, Updates Outlook For Pepe And Ethereum Rival Avalanche

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A popular crypto strategist has updated his outlook on Pepe (PEPE) and Avalanche (AVAX), warning that the altcoins may be on the brink of a major downward move.

Pseudonym Analyst, Altcoin Sherpa To tell His 195,100 Twitter followers say altcoins could fall by up to 50% from their current prices.

However, a rebound midway down is likely once the key support level is crossed, he said.

“Long-term, altcoins could drop another 30%-50% from here, and we’re going to see a bounce in the meantime.

To be honest, the price is currently at the support level, so I would expect a full rally around here. ”

According to traders, the meme coin Pepe could be coming soon. bounce, bounce It has fallen about 67% from its all-time high.

Altcoin Sherpa says the confluence of technical indicators, including Fibonacci retracement levels and volume profile visibility range (VPVR), suggests the memecoin could witness a short-term rally. there is

Traders monitor the VPVR closely as it indicates the price range where market participants are actively trading the asset.

Altcoin Sherpa said.

“PEPE: I think this is the support area. I expect the price to jump. Fib (Fibonacci) levels + VPVR high volume areas, S/R (support/resistance) levels. But let’s see, I’m still in PEPE’s position.”

Source: Altcoin Sherpa/Twitter

Pepe is valued at $0.00000156 at the time of writing, up 11.7% in the last 24 hours.

The trader is also eyeing Ethereum (ETH) rival Avalanche. Note Altcoin Sherpa says AVAX has been trading in a wide range between $13 and $21 for most of 2023, but could see a rally if it hits the lower end of the range.

“AVAX: HELP MID $13 AND ARRIVES SOON.”

Source: Altcoin Sherpa/Twitter

Avalanche was valued at $15.14 at press time, up 1.2% over the past 24 hours.

Another crypto that has been spotlighted on Altcoin Sherpa’s radar is the layer 2 scaling solution Polygon (MATIC). To tell We may find support at the $0.75 price level.

“MATIC: We expect a quick bounce, but it remains to be seen if it will bottom out near $0.75.”

Source: Altcoin Sherpa/Twitter

MATIC is trading at $0.86 at press time, up 3% over the past 24 hours.

Finally the trader To tell The Injective Protocol (INJ), a decentralized derivatives exchange, could rebound in the short term. However, he warned that INJ is still trending downwards and could fall below $4.

“INJ: This has performed great in the past, but I think it will still be below $4 in the long term. S/R (support/resistance) levels, FIB, etc. are probably good places to think long around here.”

Source: Altcoin Sherpa/Twitter

At the time of writing, Injective is trading at $6.07, up 4.9% over the past 24 hours.

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