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The world of cryptocurrency yesterday saw a retreat in Bitcoin and other digital currencies. However, a swift recovery is apparent. Today, nearly every altcoin has returned to its previous levels, with some even surpassing them. Analyst Crypto Capo has made some significant assessments in this atmosphere.
Crypto Capo Sets Target for AXS
The cryptocurrency AXS, which the analyst has evaluated, surpassed $150 during its past bull run. Deeply affected by the bear market, this altcoin fell to levels around $3.5. At the time of writing, it is trading at $11.46.
According to analyst Crypto Capo, an upward wave is approaching for AXS. The analyst indicates that the AXS price could reach the range of $41-51, as marked in pink on the chart, suggesting a potential fourfold increase.
SUSHI’s Target Could Be Reached Quickly
Looking at the target set by analyst Crypto Capo for SUSHI, it seems more attainable compared to the AXS target. At the time of writing, SUSHI is trading at $1.94, and the analyst’s target is $5.5.
The analyst has also indicated on the chart that a sharp correction could follow the rise. Such a scenario could mean a rapid decline for the altcoin. However, it’s worth noting that analyst Capo is known for his bearish approaches.
Expectation of Increase in Altcoin Dominance
The last assessment from analyst Capo concerns altcoin dominance. Excluding Ethereum, Crypto Capo points to the current dominance level of altcoins at 13% and expresses an expectation of an increase in this level in the coming periods.
According to the analyst, this level will soon reach 16%. An approximate 3% increase could signify an influx of about $90 billion into altcoins, which would be particularly impactful for cryptocurrencies with smaller market caps.
