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Sherpa

Pyth Network

<p>Cryptocurrency analyst Altcoin Sherpa warned regarding the potential for heavy capitulation across the altcoin market if key support levels fail.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-avax-chart-signals-broad-market-troubles-strong"><strong>AVAX Chart Signals Broad Market Troubles</strong></h2>
<p>In a <a href="https://x.com/AltcoinSherpa/status/1761038008432648455?s=20" target="_blank" rel="noopener noreferrer nofollow">tweet post</a>, he highlighted Avalanche’s AVAX token as an important chart to monitor, cautioning that a decisive breakdown could spark a crisis of confidence rippling across cryptos broadly.</p>
<p>“It’s going to be important to see where the next overall low is printed for some of these altcoin charts,” he wrote. “Peep coins like $AVAX: If this was a recent lower high and we hit a lower low (see $26 get taken out), I think it could be scary overall.”</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="543" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-1024x543.png" alt="" class="wp-image-442958" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-1024x543.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-300x159.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-768x407.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-1536x814.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-2048x1086.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-283x150.png 283w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-100x53.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-660x350.png 660w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-885-788x417.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-885.png 1424w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>After hitting ATHs above $140 last November during the heights of the Avalanche network’s growth, AVAX has retraced over 80%. It briefly bounced off the $26 level earlier this month before revisiting that zone this week. According to Altcoin Sherpa, if AVAX drops decisively below $26, it could spark capitulation across the wider crypto market.</p>
<h2 class="wp-block-heading" id="strong-bitcoin-could-decouple-from-floundering-alts-strong"><strong>Bitcoin Could Decouple From Floundering Alts</strong></h2>
<p>However, he explained that Bitcoin could trend higher or chop sideways even with altcoins plunging, a pattern that has played out severally. “You CAN see altcoins go down in USD value even when $BTC is going higher,” he reminded followers, linking to a chart showcasing this effect.</p>
<p>Nonetheless, Altcoin Sherpa believes certain emerging ecosystems like leading <a class="wpil_keyword_link" href="https://captainaltcoin.com/best-ai-crypto-projects/" title="AI" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">AI</a> and Web3 projects may continue posting positive returns regardless of conditions. He cited interoperability upstart Ondo Finance as one such outlier primed to outperform.</p>
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<p>Altcoin Sherpa fears the market could be severely impacted if critical support levels collapse. However, he holds a pragmatic long-term bullish outlook on the prospects of cryptocurrencies. Still, he warns that traders concentrated on altcoins apart from Bitcoin may face substantial volatility in the months ahead.</p>
<p>With altcoins hovering at critical technical zones, traders may want to position defensively while keeping a keen interest in market trends. As Altcoin Sherpa noted, profitable opportunities will likely persist for savvy investors willing to take a contrarian stance if fear takes hold.</p>
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<p>The post <a href="https://captainaltcoin.com/as-bitcoin-btc-charges-on-this-avax-metric-may-signal-price-dips-for-altcoins-but-theres-a-catch/" rel="noopener noreferrer nofollow">As Bitcoin (BTC) Charges On, This AVAX Metric May Signal Price Dips for Altcoins – But There’s a Catch</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

As Bitcoin (BTC) Charges On, This AVAX Metric May Signal Price Dips for Altcoins – But There’s a Catch

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