A top crypto analyst is warning investors that two popular altcoins have bearish outlooks despite outperforming various other digital assets over the past couple of months.
Pseudonymous analyst Smart Contracter tells his 205,200 Twitter subscribers that stablecoin issuer and Ethereum-competitor Terra (LUNA) looks like it will have rough seas ahead.
“LUNA, another of the leaders over the last six months, looks well and truly cooked.”
LUNA’s support levels, which its held since July 2021, have flipped and turned into areas of resistance over the past couple of weeks, according to the strategist’s charts.
Terra is trading at $52.64 at time of writing, down by around 12% over the last 24 hours and down nearly 50% from its all-time high.
Next up is fellow Ethereum (ETH) challenger Avalanche (AVAX), a smart contract-enabled blockchain that currently ranks as the eleventh-largest crypto asset by market cap.
Smart Contracter says that when paired with Bitcoin (BTC), Avalanche is facing heavy downside sell pressure as the layer-1 scaling solution is hitting lower highs after reaching an all-time high against BTC in December. The crypto strategist says this trend is “quite worrying.”
“AVAX/BTC looking dicey here.
Feels like a serious macro lower high is trying to be put in. And this has been one of the stronger leaders over the last six months. So definitely quite worrying.”
Avalanche (AVAX) is trading at $66.06 at time of writing, down by about 20% over the past day and down 54% from its all-time high reached in November.
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