Capo of Crypto, who is known for his bearish views and is one of the most influential analysts in the cryptocurrency market, mentioned Avalanche (AVAX) and Polygon (MATIC) in his statement.
The analyst claimed that AVAX has reached the main resistance point after its impressive 18% rise today. According to the analyst, the main resistance point is between $50 and $55, and at the time of writing, AVAX price is trading at $56.49.
The analyst claimed that he expected a big decline from this stage and that the AVAX price could drop to $24.
However, the analyst, who has long been known for his bearish views, is now being urged to admit that he was wrong as BTC rose to its all-time high price level, but the analyst seems to continue his bearish views. In his recent statement, il Capo said that he was entirely in cash and did not have a short or long position on any cryptocurrency.
Similarly, speaking about the MATIC price, il Capo said that MATIC has reached its main resistance at $1.25. At the time of writing, MATIC price is trading at $1.17, following today's 4% decline.
According to the analyst, the next stop for the MATIC price may be the $1.01 level in the future.
*This is not investment advice.