As we have reported as Kriptokoin.com, as the year 2023 approaches, crypto analysts continue their investigations. Alongside the potential altcoin projects, analysts are also explaining cryptocurrencies that they expect massive declines. Here are 5 altcoins that could see big sales, according to analysts.
The altcoin at the top of the list: Dogecoin (DOGE)
A closely followed crypto analyst has issued a warning about the leading meme altcoin Dogecoin (DOGE) and two other major cryptocurrencies. The analyst, known as the altcoin Sherpa, told his 187,000 Twitter followers that DOGE fell into a huge demand area around $0.057, a 25% drop from current prices. Dogecoin was one of the cryptocurrencies that saw the most decline last week.
$DOGE: Gonna come right back down to the .057 area again IMO. #DOGECOIN pic.twitter.com/0NkE1m7jEM
— Altcoin Sherpa (@AltcoinSherpa) December 19, 2022
BNB
Altcoin Sherpa also reviewed Binance’s native token, BNB. According to the analyst, if market conditions deteriorate, BNB will also face selling pressure. In addition, the analyst drew attention to the spreading FUD related to Binance’s financing and reserves. In his review, the analyst said:
High time frame views on BNB, I don’t really see any actionable trades here. It is in a support position, but the whole market looks a little shaky. I’m still a long-time BNB owner. I’ll hold it for a while longer. A break of 220 means the token has dropped below $190 IMO. Whether or not this fud is warranted is up to you to decide in terms of your own risk tolerance. I still think Binance is good but that’s just my opinion. If you’re not doing a lot of transactions right now, you should probably move it to your own personal wallet.
$BNB: High timeframe views on #BNB , I don't really see much of an actionable trade here. It is at support but entire market looks a bit shaky rn.
I'm still a longtime holder of BNB myself and will hold this thing for a while. Breakdown of 220 means this goes sub $190 IMO pic.twitter.com/4JX1BQA8uH
— Altcoin Sherpa (@AltcoinSherpa) December 19, 2022
Altcoin in the third place of the list: Polkadot
Altcoin Sherpa also reviewed Polkadot (DOT). He thinks the DOT will have a slow break to the next support level below the $4.00 level, down about 12.5% from current prices. The analyst said about the DOT:
My guess is that it will slowly go down below $4.
$DOT: Forgot about this one…slow grind down to sub $4 is my guess. I remember when this was such a hyped new chain. #Polkadot pic.twitter.com/XVCNBNbfru
— Altcoin Sherpa (@AltcoinSherpa) December 19, 2022
Apecoin (APE)
Apecoin price was fine at the beginning of the week. The US inflation figure on Tuesday triggered a massive rally in stocks and cryptocurrencies. On Wednesday, the 180-degree turnaround from the same central bank came in the opposite direction of expectations. There were big sales on Friday after the European Central Bank and the Bank of England drew a similar picture.
According to analysts, the APE could see a 28 percent drop, with a solid return to the bearish triangle. As long as critical support continues, all is well. However, once this level is broken, APE can drop as low as $2.00.
Altcoin at the bottom of the list: Cardano (ADA)
From a purely technical point of view, Cardano (ADA) price action is poised to end the last two trading weeks of 2022 with huge losses. A few catalysts listed last week have yet to be attributed as expected and could see investors exit their positions for a last-minute Christmas rally. Central bank speakers Lagarde and Powell have been pretty adamant about deflating the bubble of hope for the goldilocks and soft landing scenario, which means the ADA still needs some downside revaluation in the coming weeks.
