Altcoins Seems To Complete Their Five-wave Rallies, Issues Alert To Traders

Key Points:

• Smart Contracter, a pseudonymous expert, informs that many altcoins have already completed their five-wave rallies.
• The analyst is referring to the fundamental principle of Elliott Wave theory, a technical analysis approach that attempts to forecast future price movement by observing crowd psychology.

After this year’s optimistic start, a crypto expert who correctly predicted Bitcoin’s (BTC) 2018 bottom says we’re in for a hard few weeks with Altcoins.

Smart Contracter, a pseudonymous expert, informs that many altcoins have already completed their five-wave rallies.

The analyst is referring to the fundamental principle of Elliott Wave theory, a technical analysis approach that attempts to forecast future price movement by observing crowd psychology, which tends to express in waves. According to the idea, after a five-wave advance, a bullish asset is likely to experience a corrective move.

According to the analyst’s chart, the market cap of all cryptocurrencies excluding Ethereum would fall by about 10%, from around $365 billion to $330 billion, indicating a substantial downside risk for crypto assets other than Bitcoin and ETH.

Avalanche, a competitor to Ethereum, is one of the cryptocurrencies on traders’ radar (AVAX). On the eight-hour chart, AVAX has completed a five-wave advance and is likely to correct it to about $15, according to Smart Contracter.

According to Coinmarketcap data, AVAX is up 21% in the last week to $21, bringing the token’s gains in January to 90%. This comes as the value of Bitcoin and Ethereum has surged by almost 44% and 38%, respectively, in the last 30 days. At the time of writing, AVAX is trading for $20.72.

The cryptocurrency strategist is also keeping an eye on the decentralized oracle Chainlink (LINK). LINK has also completed its five-wave surge, according to a chart he provided on Twitter, and is projected to retrace to slightly above $6.

LINK is now trading at $7.023 at the time of writing.

According to Smart Contracter, the same is true for interoperable blockchain Cosmos (ATOM). ATOM, according to the analyst, has completed its five-wave ascent. ATOM is now trading for $13.31 at the time of writing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News