Crypto Analyst Predicts 1 Altcoin to Drop Sharply – Is It Cardano?

Cryptocurrency trader and analyst Capo, who goes by the pseudonym, tweeted that Cardano (ADA) is set for a major downtrend.

The popular cryptocurrency trader with more than 307,500 followers on Twitter predicted a sharp drop before the coin completes its five-wave downward trajectory according to the Elliott Wave theory.

Elliott Wave Theory is a type of technical analysis that predicts price action by studying the psychology or crowd behavior that can be seen in waves.

According to the theory, cryptoassets always go through a predictive five-wave cycle before turning or reversing.

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

Capo Predictions for ADA, BTC, Terra, STEPN

According to Capo, ADA is completing its fourth wave, which means it is ready for the last wave.

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

Cryptocurrencies recovered a lot on Friday but crashed today in what seems like a roller coaster ride.

Volatile 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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There are no signs of a bullish trend as the Fed tightens monetary policy. As things go, many traders are looking for safer crypto assets compared to riskier assets.

Meanwhile, Capo is keeping a close eye on STEPN, a mobile money-making app built on the Solana blockchain. Capo said he was looking for an extremely low trade value of $0.60. As he describes it, GMT appears to be advancing in the basement. GMT is currently trading at $1.52.

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 surpassing the key support level locked at $30,000. It was stunned by the alleged $30,000 support. A two-day candle has closed below it and is currently using this area as support. At this point, this spot is still not a good buy.

To put salt in the wound is the miserable turnout of the dollar-pegged TerraUSD market value. It is now at $0.18 this week. Meanwhile, TerraUSD is working on a recovery plan for the week.

Overall, Cardano is more volatile than Bitcoin, although overall it has a lot of appeal to the wider market.

Compared to other coins including ADA, Bitcoin is more likely to be bullish in the long term.

Featured image from Forkast News, chart from TradingView.com

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