LUNA, MATIC & FTM Price Might Drop More Than 20%, Here Are Potential Low Levels!

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The global crypto market quickly reversed course after a brief period of bullishness. The prior victories came from the unanimous decision of EU MPs not to ban POW currencies such as Bitcoin and Ethereum. 

Michael van de Poppe, a well-known crypto analyst, predicts that three of the major altcoins by market cap will continue to decline before establishing a local bottom

Terra(LUNA)

Starting with Terra (LUNA), a decentralized finance (DeFi) payment network, Van de Poppe informs his 575,800 Twitter followers that if the crypto markets continue to exhibit indications of instability, the seventh-ranked altcoin will fall to $70.

He says in the case of LUNA, It’s a nice increasing trend, but liquidity has pushed the price above the all-time high, resulting in a quick fall. To get liquidity there, he believes we’d need some more negative momentum. He is looking for something about $70.

At the time of writing, LUNA is trading at $89.03 down by 6%. The resistance on the upside is at $90. The support is at $ 87.5

Polygon (MATIC)

Polygon(MATIC), an Ethereum scaling solution, is another currency on the traders’ radar. MATIC appears to be heavy, according to Van de Poppe, as it records bearish lower highs on a regular basis.

“MATIC looks heavy for some corrections here in which I’d be interested around $1.”

At the time of writing, MATIC is trading at $1.40 up by 2.3%. The resistance on the upside is at $2. The support is at $1.34

Fantom(FTM)

Next up is Ethereum rival Fantom (FTM), which Van de Poppe expects will drop nearly 26% of its value from its current $1.11 pricing before carving a bottom.

He is watching at the lower levels for FTM here since that will bring the entire liquidity down with it. He says it would be the end of this adjustment.

At the time of writing, FTM is trading at $1.22 up by 12.7%. The resistance on the upside is at $1.5 The support is at $1