With massive price increases across the board, the cryptocurrency market Capital increased from around $831 billion to nearly $1.5 trillion over the past 10 months. While the overall outlook certainly remains bullish, investors need to prepare for 10% to 20% correction risk even during bull runs.
Among them, there are 3 altcoins that need to be watched to avoid surprises when prices plummet.
Yearn Finance (YFI) price corrected 40% during the Asian trading session on November 18. Most altcoins will likely face a similar fate if BTC corrects.
Injective (INJ) price increased by a whopping 167% between October 12 and November 11. This impressive uptrend now appears to have exhausted itself.
Although the short-term outlook seems pessimistic, INJ price is expected to increase ahead of the Token Lockup on January 21, 2024.
Avalanche (AVAX) price increased 185% between October 16 and November 13.
1. The rally erased liquidation above the $22.56 barrier.
2. If the weekly swing fails, in which AVAX creates a weekly candle that closes below $22.56, it could trigger a 30% correction to $15.56.
3. In some cases, AVAX could retest the $14.67 support level.
Optimism (OP) price rose 67% between October 16 and November 13, not as much as INJ or AVAX.
However, while OP 's short-term revised outlook is bearish, the long-term outlook remains largely bullish. A recovery above the $1.91 support could push OP price into a major uptrend to $3.
