Trader known for calling 2022 Bitcoin Crash Says Cardano (ADA) and Mid-Cap Altcoin due for another leg down
The analyst who called this year’s Bitcoin (BTC) collapse predicts several corrections for Cardano (ADA) and mid-cap altcoin Cronos (CRO).
Pseudonym analyst Capo tells his 438,400 Twitter followers that Cardano’s support of around $ 0.44 is about to fall after six touches in less than two months.
“Sixth touch of support. Gets weaker and weaker. Next support: $ 0.29- $ 0.31.”
At the time of writing, Cardano changes hands for $ 0.43, below Capo’s support level and down almost 6% in the last 24 hours.
Another altcoin on the trader’s list is Cronos, the cryptocurrency that operates the Crypto.com platform for payment, trading and financial services. According to Capo, the CRO has broken down from its horizontal and diagonal support levels and looks set to start the next stage down.
“CRO Update: $ 0.055- $ 0.065.”
At a current price of $ 0.11, a move to Capo’s target suggests a downside potential of almost 50% for Cronos.
The crypto strategist also issues a general warning to crypto market participants, suggesting that recent inflation data may lead digital assets to new 2022 lows.
“All charts show weakness. New downturns are only a matter of time. KPI [consumer price index] this week.”
New KPI data are scheduled for publication on 13 June. Traders closely monitor the CPI as high inflation figures may signal that the Federal Reserve may introduce a new round of interest rate hikes that often do not bode well for risk assets such as cryptocurrencies.
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Featured image: Shutterstock / nemovljatko
