Frightening Fall Warning For These 4 Altcoins In The Basket Of The Turks!

The leading experts of the crypto money market gave critical warnings for these 4 altcoin projects in which Turks also invest in their recent analysis! Soon, these 4 altcoin projects may shake the market with a drop! Here are the details…

Critical warning has come for these 4 altcoin projects that Turks have invested in!

AAVE (AAVE)

Aave (AAVE) price broke below a key support level that could test the support line of the long-term symmetrical triangle formation. Aave (AAVE) price has been trading inside a symmetrical triangle pattern since hitting a yearly low of $45.8 in June 2022. According to experts, this is a neutral pattern, so both a breakout and a collapse are equally likely to occur. After being rejected by the triangle’s resistance line ($85) during the week of April 17-24, the price formed three consecutive bearish candles and is moving towards the triangle’s support line at $54. The weekly RSI indicator is below 50 and supports further declines as it slopes downward. If a breakout of the triangle occurs, the price of AAVE could drop to its all-time low of support at $30.

AAVE weekly price chart

On the other hand, the daily chart supports the bearish view on the weekly timeframe. It shows the AAVE breaking below the key $68 support level formed by the midline of the descending parallel channel and the 0.618 Fibonacci retracement level. As the 0.618 Fib level is usually the end of a correction, a break below this level could lead to a 100% retracement. Therefore, the price of AAVE could continue to decline towards the $52 support area where the upward move started and the lower line of the channel.

AAVE daily price chart

Technical indicators suggest that the price of AAVE will continue to decline towards the $52-54 support zone. A break below this zone could lead to a sharp drop to $30. This view will be invalidated if the price bounces back from the current level and recaptures the 0.618 Fib level at $68.

Cardano (ADA)

Technical analysis on the daily timeframe points to a pessimistic forecast for Cardano price. This can be attributed to both the indicator readings and the price action. Notably, on April 20, the ADA token price dropped below the long-term ascending parallel channel it has been trading since March 10. ADA then confirmed the channel as resistance (red icon) on April 27 before continuing its decline. Besides, the daily Relative Strength Index (RSI) is also bearish below 50. At the same time as the price broke out of the channel, the indicator also went below 50. This confirms the validity of the decline.

Price action on the short-term six-hour time frame shows that ADA price has dropped below a descending resistance line since April 15. Hence, the trend is considered bearish until the price breaks. Currently, ADA is trading at $0.36 at the confluence of support levels. The support is formed by a horizontal support area and the 0.618 Fib retracement support level. According to experts, the price will either pull back or partially return to a previous price level before continuing in its original direction.

For many reasons, and according to experts’ technical analysis, if ADA price drops from the $0.36 horizontal support area, it could drop to the daily timeframe support at $0.33 and possibly even go to $0.30. However, if there is a breakout from the short-term line, there will be an increase in ADA price towards $0.42.

Chiliz (CHZ)

Chiliz (CHZ), one of the 4 altcoin projects that experts have warned of, may face a sharp decline in the near future. Chiliz (CHZ) is trading in the red today, with the cryptocurrency market slumped in the last 24 hours, dropping over 4% in the last 24 hours. Despite the price drop, Chiliz’s trading volume has increased by 39 percent, which could soon impact price action. CHZ traded at $0.1011 on January 1, 2023, and rose to $0.1202 on January 10. Until May, the price experienced extreme fluctuations. It peaked at $0.1577 on February 8 for the first time in 2023. However, bears have dominated its price and it is back to $0.1075 today.

On the other hand, altcoin CHZ is in downtrend momentum and forming its fourth consecutive red candle. It fell below its 50-day and 200-day Simple Moving Averages (SMA), which are bearish in the short and long term. Also, the Relative Strength Index (RSI) is 28.15, in the oversold zone below 30. This means that the bears are in control of the price movements. The RSI is still bearish, pointing to further price declines for CHZ in the short term. However, as CHZ is oversold, a pullback looks likely if it can rise above the nearest support.

It is below the Moving Average Convergence (MACD) signal line of the popular altcoin project CHZ and is showing negative values. This reflects the widespread downward trend. Also, histogram bars are at full strength and bearish. CHZ is rapidly approaching the $0.108 support level, and a drop below it will put the asset’s price in a free fall lower. The bears are active at the $0.11685719 resistance level and are resisting a rally for CHZ. However, altcoin CHZ is already in oversold territory and will likely reach a consolidation point soon.

On the other hand, Chiliz aims to be the hub for leading sports brands in Web3. Socios.com is the current Chiliz sports network with a growing community. With that, Chiliz hopes to partner with other sports brands and connect fans and communities using fan tokens and Web3 technology. With new partnerships, the price may increase in the coming periods.

Terra Classic (LUNC)

Tobias Andersen, a senior software developer and former Terra Classic tier-1 team member, believes that LUNC could retest its all-time low if widespread selling pressure pulls Bitcoin (BTC) into the $22,500 price zone. Andersen, commonly known as “Zaradar,” made this claim in a recent tweet, noting the growing concern surrounding Bitcoin’s current price movements.

Zaradar’s comments came from a sudden BTC price spike that just preceded a massive 5% drop within an hour. LUNC finally dropped to a 7-week low of $26,777 yesterday. The developer pointed out that these fake exits negatively affect other assets. According to experts, when an asset gives a false signal of a price breakout, a false exit occurs, which can cause a sudden price reversal, causing losses for investors.

On the other hand, Material Indicators recently stated that BTC has experienced tremendous selling pressure this week. As we quoted as Kriptokoin.com, a wallet sent 9,800 BTC yesterday, causing concerns. The wallet was previously attributed to the US government, but these claims have been refuted. Zaradar predicts that if this selling pressure continues, there will be a further decline in the price of Bitcoin. He said the market could revisit mid-March lows around $22,500. If this happens, the expert says that LUNC can retest its ATL and Terra (LUNA) can drop to $0.50.

With the Terra crash in 2022, the LUNC price dropped as low as $0.00001675. Momentarily, LUNC is located at $0.00008655. If the price hits the lowest levels, that would be an 81 percent drop. However, LUNC has lost 4 percent in the last 24 hours. On the other hand, the Terra Classic community remains committed to the project’s revitalization plan, and the team recently recommended a chain upgrade as well.