Analyst Who Called 2022 Crypto Collapse Issues Cardano (ADA) Alert – Here’s His Price Target
A popular analyst with a solid track record of predicting market declines is issuing warnings about two of the top crypto assets.
The pseudonymous trader Capo first alerts his 485,300 Twitter followers that the scalable blockchain platform Cardano (ADA) could be in for a big price drop in the coming weeks.
In a chart that traces ADA’s price swings back to May, Capo focuses on an ascending wedge pattern starting with a rally that began in late July. The altcoin nearly touched the $0.60 level on August 16 before market-wide issues saw the token lose nearly 25% last week.
The analyst also charts a series of highs and lows that he believes will eventually see Cardano fall to $0.28 to $0.30.
At the time of writing, Cardano is up slightly and is trading at $0.46. A drop to $0.29 would mean another 37% capitulation for ADA.
Moving on to Bitcoin (BTC), the analyst follow up in an Aug. 20 tweet to update his expected support and resistance zones going into September.
Capo expects a dead cat bounce (DCB) to temporarily revive Bitcoin to around $23,000 before falling back towards $19,000, which could even put a brief low of $16,000 in play before pushing back above $20,000.
“DCB (w2) at $22,500 or $23,500, then bearish continuation.
Break below $19,000 = $16,000, which should be the local bottom.”
Bitcoin is currently flat on the day, changing hands at $21,301.
The analyst concludes by sharing their thoughts on the general crypto markets, saying,
“The market is bearish. Every bounce is a good selling opportunity.
Staying out of the market until new lows is smart.”
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