Senior Crypto Analyst Issues Bearish Warning, Says Avalanche, Mid-Cap Altcoin Could Crash Over 70%

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A popular cryptocurrency analyst and trader expresses a bearish outlook on two under-the-radar altcoins.

Starting with smart contract platform Avalanche (AVAX), pseudonymous analyst and trader Capo tells his 695,000 Twitter followers that the altcoin could lose over 70% of its value as he says the support level current around $10 looks likely to collapse.

“AVAX update:

hitting $10, which had been the main target since May. As you can see, expectation is key if you are plotting high timeframes.

Now, with current data, the $10 support seems unlikely to hold. New main objective: $3 – $5. »

Source: Capo/Twitter

Avalanche is trading at $10.70 at the time of writing and is down more than 92% from its all-time high, which it reached in November last year.

Next up is Cronos (CRO), the cryptocurrency designed to power the Crypto.com payments, trading and financial services platform.

According to Capo, Cronos does not look good from a technical standpoint and could see another big sell-off event if it removes the support zone around $0.052.

“CRO Update:

main objective achieved again, with a big BUT:

When it breaks [support], when he nukes (even harder). It wouldn’t surprise me to see him dump 70% or more if that happened.

It looks bad.

Source: Capo/Twitter

Cronos is trading at $0.055 at the time of writing. A 70% devaluation for CRO could take the altcoin to a new bear market low of $0.015.

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