Pseudonymous crypto trader and analyst Capo tweets that Cardano (ADA) is bound to experience a downward trend.
This popular crypto trader with more than 307,500 followers on Twitter predicted a huge plunge before the coin finished its five-wave downward trajectory after Elliott’s Wave Theory.
Elliott’s Wave Theory deals with technical analysis that can predict price action by looking at the psychology of the mind or the behavior of the crowd that can be seen in the waves.
Based on this theory, crypto assets will always go through a five -wave predictive cycle before making a pivot or reversal.
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Before the coin completes its five-wave downward course, Capo anticipates a catastrophic crash (Coingape).
Capo Predictions In ADA, BTC, Terra, STEPN
According to Capo, the ADA is about to complete its fourth wave which means it is ready for the last wave.
Cardano is currently trading at $ 0.55 which is 45% above its $ 0.30 price target.
Cryptocurrencies recovered slightly on Friday but crashed today that looked like a roller coaster.
Uncertain market movements have been a concern for many crypto traders and investors. Bitcoin (BTC) is down 3.6% and Cardano (ADA) is down 6.65%.
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With the Federal Reserve pulling tight monetary policy, there are no signs of a bullish trend. In a way, many traders are looking for more secure crypto assets compared to cleaner ones.
Meanwhile, Capo also continues to monitor STEPN, a move -to -achieve application built on Solana blocks. Capo said he sees a trading value of less than $ 0.60. It looks like GMT is down to the basement, as pictured. GMT is currently equivalent to 1.52 US dollars.
ADA total market cap at $18.42 billion on the weekend chart | Source: TradingView.com
Is Bitcoin still better than Cardano?
The outlook for Bitcoin looks good as it continues to correct after passing the key support that locked in $ 30,000. The $ 30,000 support is definitely jarred. The two -day candle has closed at the bottom and is now touching the zone as support. At this point, this place is still not a good place to buy.
Adding salt to the wound is the amount of viewers who suffer at the TerraUSD market value pegged to the USD. currently at 0.18 US Dollars. Meanwhile, TerraUSD made a map of its recovery plan this week.
Overall, Cardano is more volatile compared to Bitcoin although it is very attractive for a broader market, in general.
Bitcoin has more bullish promise for the long term compared to other coins, including the ADA.
Featured image from Forkast News, chart from TradingView.com
