The trader known for accurately predicting this year’s crypto market collapse is setting downward price targets for a slew of different altcoins in anticipation of another capitulatory event.
The pseudonymous trader known as Capo tells his 673,000 Twitter followers that currently, every bump in crypto prices should be treated as an opportunity to sell.
Capo says he has his eye on open source blockchain network Tron (TRX). According to the trader, TRX is setting up for more than a 50% drop after breaking down from a descending triangle pattern.
Based on his chart, Capo is targeting about the $0.02 level.
“Building a short position on TRX
Not financial advice.”
At time of writing, TRX is trading for $0.05.
Capo is targeting an even more dramatic dip for blockchain scaling solution Polygon (MATIC). According to the popular analyst, MATIC is headed to the $0.30 mark, more than 64% away from current prices.
MATIC is changing hands for $0.85, up 8.5% in the last 24 hours.
Capo also has price targets for Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Litecoin (LTC) Polkadot (DOT) and believes that FTT, the native token of defunct crypto exchange FTX is essentially going to zero.
“Potential targets for a local bottom after capitulation event (update):
BTC 12k-14k
ETH 600-650
ADA 0.16-0.20
LTC 29-32
DOT 2.8-3.1
FTT 0.000001.”
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Featured Image: Shutterstock/chaweekun/monkographic
