A leading analyst is warning that crypto assets may face more downside during the current market correction.
Pseudonymous analyst and trader Bluntz tells his 222,800 Twitter followers that altcoins are trending downwards on the large time frames and could fall far more than what is currently being anticipated.
Citing the example of Polygon (MATIC), Bluntz says that the Ethereum (ETH) layer-2 scaling solution has just slipped below an ascending channel and is heading lower.
“So many altcoins losing really high time frame structure now. MATIC, for instance, is breaking down from a 12-month bear flag and just had a solid close below a year long channel.
Personally, I’m starting to think things are going quite a bit lower than many are anticipating.”
Source: Bluntz/Twitter
According to the analyst and trader, MATIC could plummet by up to 54% from current levels.
“[A drop to] $0.40 – $0.50 more reasonable I think.”
Polygon is trading at $0.869 at time of writing.
Turning to Ethe
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