A mysterious Twitter analyst shared two altcoin projects this week that he believes are poised to explode. Let’s take a look at technical analysis, keeping in mind that forecasts are not precise.
“These two Ethereum competitors are ready to exit this week”
The crypto analyst, nicknamed Pentoshi, tells his 547,800 Twitter followers that the crypto market is giving bearish signals and the bulls may make a strong move:
Now that we’ve bottomed out our all-time highs along with some other interesting signs, I feel we’re going to rally strong this week. If the opportunity presents itself, it will want to bid on AVAX. He showed me exactly what I wanted to see here.
According to Pentoshi, smart contract platforms Avalanche (AVAX) and Solana (SOL) is preparing to rebound after approaching key support areas:
Ok, after a few hours of testing, I’ve decided to stick with the plan on SOL. I’m also hesitant to buy. But I’ve marked this spot for half a year. It has historical support and probably provides an average return. Same with AVAX.
At the time of writing, Solana is trading at $53.60, just above the $50 mark Pentoshi has set as the support level.
AVAX is about to reach the $31.20 support level determined by the analyst. Concerns that the Luna Foundation Guard (LFG) will sell the remaining AVAX reserve, which we covered in the cryptokoin.com news, caused investors to panic sell on Monday.
Pentoshi shares short term targets for AVAX and SOL
Solana and Avalanche are considered the strongest Ethereum competitors in the market. Both altcoins have lost over 25% since last week. While the short-term outlook is still unclear, Pentoshi shares the following levels:
I think $58-60 short-term on SOL is reasonable and maybe $36 or more for AVAX reassessment.
Altcoin market compensates for devastating collapse
According to CoinMarketCap data, the Graph (GRT), Dash (DASH) and Helium (HNT) double-digit values on May 16, mainly TerraUSD (UST) lost. Stablecoin UST is fluctuating around $0.1174 and there are no clear signs of a recovery yet.
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