Top Crypto Analyst Issues Alert for Altcoin Holders, Predicts Lower Prices for Ethereum and Cardano

Must read

Nvidia posts record $60 billion in revenue amid increased demand for AI, accelerated computing

Nvidia reported increased demand for generative artificial intelligence (AI) and accelerated computing in its latest earnings report on Feb. 21.Jensen Huang, founder and CEO...

S&P Global warns of spot Ethereum ETFs’ impact on staking concentration

The potential approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the US, which includes plans for staking, might amplify concentration risks within the...

Sam Bankman-Fried dismisses conflict-of-interest concerns after changing lawyers

Sam Bankman-Fried dismisses conflict-of-interest concerns after changing lawyers Assad Jafri · 2 hours ago · 2 min read ...

Top SEC crypto lawyer leaves to join pro-crypto firm, regulator facing new lawsuit

A key member of the US Securities and Exchange Commission’s (SEC) legal team, Ladan Stewart,  stepped down from her role at the agency to...

A closely followed crypto strategist and trader says that altcoins look primed for another deep corrective move.

Pseudonymous analyst Rekt tells his 329,700 Twitter followers that Bitcoin’s (BTC) inability to take out its immediate resistance at $17,150 does not bode well for the entire crypto market.

“New BTC lows could be on the cards, especially if ~$17,150 continues to act as resistance.

Therefore, a drop of up to -20% to ~$13,900 wouldn’t be out of the question.

A -20% drop for BTC would surely negatively impact altcoins and make them drop more than -20%.”

Image
Source: Rekt/Twitter

According to Rekt, historical bear market data suggests that altcoins still face more downside risk, especially if Bitcoin continues to flash signs of weakness.

“Many altcoins haven’t retraced the typical -90% to -99% in this current bear market.

History suggests there is a good chance they still will, especially if the ~$17,150 level for BTC continues to act as resistance.” 

At time of writing, Bitcoin is switching hands for $16,870, up 2.80% on the day.

Looking at Ethereum, Rekt says that ETH will likely continue to trend lower after converting a critical support level into resistance.

“This December, ETH has failed to reclaim a three-month support.

In fact, this same old three-month support is acting as new resistance.

If ETH indeed monthly closes below ~$1,300, then much lower prices likely await in the new year.”

At time of writing, ETH is changing hands for $1,214, a 3.60% increase in the last 24 hours.

As for Cardano (ADA), Rekt says he does not see the Ethereum rival reversing its downtrend anytime soon.

“ADA has retraced -91% in this BTC bear market.

Still more downside to come as there is no major support below for a while.” 

At time of writing, ADA is trading at $0.289, up 2% in the past day.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Sensvector/Stock Picture Store

More articles

Latest article

Nvidia posts record $60 billion in revenue amid increased demand for AI, accelerated computing

Nvidia reported increased demand for generative artificial intelligence (AI) and accelerated computing in its latest earnings report on Feb. 21.Jensen Huang, founder and CEO...

S&P Global warns of spot Ethereum ETFs’ impact on staking concentration

The potential approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the US, which includes plans for staking, might amplify concentration risks within the...

Sam Bankman-Fried dismisses conflict-of-interest concerns after changing lawyers

Sam Bankman-Fried dismisses conflict-of-interest concerns after changing lawyers Assad Jafri · 2 hours ago · 2 min read ...

Top SEC crypto lawyer leaves to join pro-crypto firm, regulator facing new lawsuit

A key member of the US Securities and Exchange Commission’s (SEC) legal team, Ladan Stewart,  stepped down from her role at the agency to...

Montenegro high court greenlights Do Kwon’s extradition to US

Montenegro’s High Court has decided to extradite former crypto magnate Do Kwon to the US instead of his home country, South Korea, local media...