Pseudonymous cryptocurrency analyst and trader Capo tweets that Cardano (ADA) is bound to follow a massive downtrend.

This popular cryptocurrency trader with over 307,500 Twitter followers predicted a massive drop before the coin ends its five-wave downward trajectory following Elliott Wave Theory.

Elliott Wave Theory refers to a technical analysis that can predict price action by looking at mental psychology or crowd behavior that can be seen in waves.

According to the theory, the crypto asset would always go through a predictive cycle of five waves before making that turn or reversal.

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Before the coin completes its five-wave downward course, Capo anticipates a catastrophic crash (Coingape).

Kingpin predictions on ADA, BTC, Terra, STEPN

According to Capo, ADA is well on its way to completing wave four, which means it’s ready for that final wave.

Cardano is currently trading at $0.55, which is categorically 45% above the $0.30 price target.

Cryptocurrencies rallied quite a bit on Friday but crashed today, which seemed to be something of a rollercoaster ride.

Erratic market movements have been concerning to many cryptocurrency traders and investors alike. Bitcoin (BTC) is down 3.6% and Cardano (ADA) is down 6.65%.

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With the Federal Reserve taking the reins on monetary policy, there is no sign of an uptrend. With the way things are going, many traders are looking for safer crypto assets compared to riskier ones.

Meanwhile, Capo is also keeping an eye on STEPN, a move-to-earn app built on the Solana blockchain. Capo says that he is looking at a significantly low trade value of $0.60. It looks like GMT is heading towards the basement, as he describes. GMT is currently trading at $1.52.

ADA Total Market Cap at $18.42 Billion on Weekend Chart | Source: TradingView.com

Is Bitcoin still better than Cardano?

Outlook for Bitcoin looks good as it continues to correct after revisiting key support locked at $30,000. The $30,000 support reportedly rocked him. A two-day candlestick has closed just below it and is currently touching that area as support. At this point, this place is still not good for shopping.

Adding salt to the wound is TerraUSD’s measly share of the market value which is pegged to the USD. It is now priced at $0.18 this week. Meanwhile, TerraUSD is laying out a recovery plan this week.

In general, Cardano is more volatile compared to Bitcoin, although it generally attracts a lot to the broader market.

Bitcoin promises to be more bullish in the long run compared to other currencies, including ADA.

Featured image from Forkast News, chart from TradingView.com



This post Crypto Analyst Predicts 1 Altcoin to Drop Hard – Is it Cardano?

was published first on https://www.newsbtc.com/crypto/crypto-analyst-predicts-1-altcoin-will-fall-down-hard-is-it-cardano/

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