June 16, 2024

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Crypto Strategist Warns Dogecoin and Polygon Holders, Says DOGE and MATIC May See Radical Corrections

Crypto Strategist Warns Dogecoin and Polygon Holders, Says DOGE and MATIC May See Radical Corrections

A crypto analyst that continues to build a following with accurate Bitcoin and altcoin calls recently addressed Dogecoin holders (dog) and polygon (matic).

Analyst pseudonym Capo tells his 647,500 Twitter followers that the meme token DOGE is likely to lose nearly 90% of its value after turning $0.15 support into resistance.

Capo shares a chart showing that DOGE has no high time support until the coin reaches its $0.01 target.

“dog.”

source: Capo / Twitter

At the time of writing, DOGE is trading at $0.09, up nearly 10% on the day.

The cryptocurrency strategist is also monitoring the price action of the Polygon blockchain scaling solution. According to Capo, MATIC is likely to be set for a breakdown of 68.75% after respecting the resistance at $1.24.

Capo shares a chart showing that MATIC has no high time support until a drop to $0.30.

“Matic.”

picture
source: Capo / Twitter

At the time of writing, MATIC was changing hands for $0.96, down more than 5% in the last 24 hours.

Another coin on the merchant’s radar is the Huobi Token (HT), the utility origin of the Huobi crypto exchange. According to Capo, the HT chart is looking bearish after breaking below the diagonal support and turning the horizontal support at $10 into resistance.

“HT scheme looks ugly.”

picture
source: Capo / Twitter

Looking at the analyst’s chart, he expects HT to drop to $0.88. At the time of writing, HT is valued at $4.49, down nearly 15% on the day.

As for crypto markets in general, Capo Says He predicts a brutal capitulation phase where altcoins lose 40% to 50% of their value on average. He also says that there is another leg to Bitcoin (BTC) imminent.

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“14,000 dollars [BTC] sooner than you think.”

Bitcoin is exchanging hands for $16,762 at the time of writing.

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Featured Image: Shutterstock/Al-Mujadidi