One of the popular Crypto analysts who is pseudonym known as Capo expects a momentum bearish for two Ethereum competitors.
Capo explains to his 263,800 followers on Twitter that we could see two Tier 1 platforms fall by more than 50% from their current levels.
the cryptanalyst begins his prediction with Phantom (FTM) and asserts that Phantom (FTM), a native token of blockchain with smart contract, shows a downtrend against Bitcoin (BTC).
According to Capo, Phantom could drop at least $0.35 in a corrective three-wave move formed by the Elliott Wave Theory. According to Elliott Wave Theory, the major trends in the asset move in a five-wave pattern, while the correction occurs in a three-wave pattern.
The pair against BTC continues to be downright bearish, and it broke major support like butter.
Main objective updated: $0.30 – $0.35. »
At the time of the report, Phantom is changing hands at $0.849 with a rise of 7.24% in the last 24 hours.
The next token about which the cryptanalyst is Solana (SOL). Capo hints at a bearish scenario for Solana as SOL fell around 49% with the currency trading between $40 and $45.
According to capo, once Solana reaches the final stage reached in August 2021, the currency will begin its recovery phase.
At the time of printing, Solana is valued at $92.77 with an uptrend of 5.38% in the last 24 hours.
While the first two largest cryptocurrencies, the Bitcoin and Ethereum are beckoning red, the analyst claims that the cryptocurrency market will decline further.
“The BTC trend is bearish from the 1-hour timeframe to the 1-week timeframe.
The altcoins broke major support levels and most of them reached new lows, confirming that the Feb-April bounce was indeed a correction. The leverage ratio is at an all-time high. Capitulation is increasingly likely, and we could see falls of 50-60% soon. ”