The analyst, known in the market as Cred, claims that Ethereum rival LUNA may have created a huge bull trap after reaching its all-time high of $120.

   “I don't like this structure. I'm just pointing to a chart from December's high close and then no weekly candles appeared above it. Altcoin LUNA hit an all-time high and then lost momentum. This is a pretty unsuccessful and critical process. For this Our normal target is low range."

According to Cred, LUNA could offer some support around $60, but the altcoin could crash to $40. This marks a collapse of over 50 percent from its current price of $80.

Terra Luna-6

Terra price is trading at $81.53 at the time of writing, according to CoinGecko data. Terra (LUNA) price has increased by 0.2% in the last 24 hours.

Cred is also closely watching Ethereum (ETH), which it predicts will recover in the coming days. However, he warns that the rally will likely be short-lived.

   "We may witness a situation where both BTC and ETH will rally next week, but these are not long-term rallies. I don't like this kind of charts."

Ethereum price is trading at $3,066 at the time of writing. Ethereum (ETH) price is up 0.8% in the last 24 hours.

avax coin

The last altcoin on the analyst's radar is Avalanche (AVAX). While Cred says that AVAX looks bearish after a failed break above $86, he notes that the market structure could still stabilize if the bulls take action. AVAX could reach $100 or $115 in this case.

Avalanche price was traded at $78.12 at the time of publication, while AVAX's last 24-hour trading volume was $260,814,021. AVAX price has increased by 0.6% in the last 24 hours.