Crypto Trader Predicts Over 60% Crash for One Ethereum-Based Altcoin, Reveals Outlook for Bitcoin and Cardano
A widely followed crypto trader expresses bearish sentiment against one Ethereum-based altcoin as he reveals his forecast for Bitcoin (BTC) and Cardano (ADA).
The pseudonymous cryptoanalyst known as Altcoin Sherpa says his 182,400 Twitter followers that the initial token of Lido DAO (LDO), the decentralized autonomous organization (DAO) behind the Lido Ethereum Stake Protocol, could drop by about 64% from its current price.
“LDO: Wouldn’t this thing long for more destruction, maybe $0.75? However, it will be bumpy along the way.”
LDO is trading at $2.07 at the time of writing.
Altcoin Sherpa then says the $19,000 price level is a support zone for Bitcoin that could offer the flagship digital asset a base to launch a “stronger bounce.”
However, the analyst says that if Bitcoin were to fall to $19,000 from today’s level, altcoins could fall by around 10%.
“BTC: I still think $19,000 (or thereabouts) should provide a stronger bounce. Guessing altcoins take another 10% haircut if this happens.”
Bitcoin is changing hands for $20,260 at the time of writing.
Altcoin Sherpa concludes its analysis with smart contract platform Cardano (ADA). According to the crypto trader, Cardano may fall further before bouncing higher.
“ADA: Haven’t looked at this chart in a while, but… is it possible that these charts form some sort of cluster? A lot of volume transacted in this area right now, maybe this is the mid-term bottom (possibly a top to the mid/low $0.30s and then up after)?”
Cardano is trading at $0.448 at the time of writing, down 2.4% on the day.
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