A prominent analyst is warning altcoin traders, saying that smart contract platforms Cardano (ADA), Solana (SOL) and two other cryptocurrencies are showing bearish signals.
Person known in the industry by the nickname Capo to speak with his 245,800 Twitter followers that he remains bearish in the crypto market despite the surge over the past 24 hours.
According to the analyst, the recent rally is a bull trap and altcoins are likely to continue their downtrend.
“Some people might think I’m biased downwards. Below I will post examples showing that many altcoins make retest moves after breaking key support levels.”
Capo opens with Cardano, this analyst’s coin called There are clear signs of rejection.
Source: Capo/Twitter
Another coin on the analyst’s list is Solana. According to the crypto strategist, SOL has failed to regain resistance around $120 and is currently at the bottom of the rally.
“SOL”.
Source: Capo/Twitter
Next is Waves (WAVES), a blockchain platform that allows users to create, launch and trade their own tokens.
Capo believes Waves will end its rally soon as well.
“WAVES”.
Source: Capo/Twitter
The last coin is payment infrastructure platform Coti (COTI), which is facing strong resistance at $0.24, according to Capo.
“KOTI”.
Source: Capo/Twitter
According to Capo, the market structure of these four altcoins represents the price action of most altcoins.
“These are just a few examples, but 99% of altcoins look like this. I can’t be optimistic here after they broke all bull market structures. You can enjoy pumps on low time frames, but don’t get too comfortable. Time will answer”.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions
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