We have witnessed strong increases in the cryptocurrency market in recent weeks. However, bearish signals are now coming from some tokens. The analyst nicknamed The Flow Horse expects a deep pullback for 2 altcoins in the top 50. Crypto analyst David, on the other hand, states that TRB broke the support, indicating a bottom dive.
Analyst: These 2 altcoins are at risk of deep decline!
As you follow from Kriptokoin.com, although the crypto market has entered the green zone, it is having difficulty gaining momentum. There are opinions that this is a harbinger of a new thought. The analyst nicknamed The Flow Horse, also known as Cantering Clark, predicts a pullback in the market while many cryptocurrencies are rising. The analyst says two altcoin projects in particular are at risk of a deep decline. According to the analyst, the first of these is Ethereum (ETH) rival Avalanche (AVAX). The other is the decentralized cross-chain liquidity protocol THORChain (RUNE). The Flow Horse explains its predictions as follows:
I started short selling this morning. So far only AVAX and RUNE. Why two power couples? Overextension is real and things will pull back more than you want… I think you can expect at least a 30% pullback.
Even though the leading altcoin falls, it will rise again with great demand!
The analyst also says that it is possible for Ethereum to drop below $1,900 for a short period of time. However, it suggests that it will rise again with a large demand for ETH in this low price range. In this context, the analyst shares the following comment:
ETH was arguably a better hedge and short instead of BTC. Something tells me we’ll see more extensive stop runs and trend tests before we start again. The argument for pursuing the strength of ETH has been historically evident. Therefore it would be useful to look for this during any BTC consolidation. I want to buy a bounce below $1,900. However, it seems like everyone else wants it too.
Source: Cantering ClarkTRB broke important support, is selling coming now?
Tellor (TRB) price is showing signs of a top forming. However, a short-term rebound may occur before further declines. The altcoin price has risen rapidly since late August. The price gained 1,500% in 83 days, retesting resistance at the all-time high of $145 on November 8. This is a phenomenal increase compared to most other cryptocurrencies on the market. On November 9, TRB price experienced a significant sell-off (red arrow). However, the next day it lost $99, which was the key level of the uptrend. This event indicates that the uptrend may have ended and the price may begin a deep correction or a new downtrend.
The daily RSI (Relative Strength Index) produced a significant bearish divergence before the price fell. Additionally, the RSI fell below 50. These are both bearish signals. It also supports the possibility that the altcoin price has reached its peak. If so, it is possible for TRB price to drop further by 31.62% to the previous peak area of $61.
TRB daily chart. Source: TradingViewThe most likely scenario shows TRB price forming a top and a deep correction will occur. However, it is likely to rise to $99 in the short term before continuing its decline.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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