A widely-followed cryptocurrency trader predicts further corrective moves on the Cardano (ADA) smart contract platform and one of this year’s most popular altcoins.
Pseudo crypto analyst Capo tells his 307,500 Twitter followers that ADA is ready for another leg down before ending its five-wave downtrend, based on Elliott Wave Theory.
The main support is $0.30-0.35. »
Elliott Wave Theory is a technical analysis approach that attempts to predict future price action by following the psychology of the crowd that tends to come in waves. According to this theory, an asset goes through a cycle of five waves before a major market reversal.
Capo says the ADA is about to complete its fourth wave, suggesting the coin is ready for a final hunt. Cardano is trading at $0.55 at the time of writing, 45% above the analyst’s $0.30 downside target.
Capo is also closely monitoring the move-to-earn STEPN (GMT) protocol which is built on the Solana (SOL) blockchain. According to the cryptocurrency strategist, GMT could trade as low as $0.60.
“GMT has come home, but now it has to go down to the cellar. »
GMT is trading at $1.52 at the time of writing.
As for Bitcoin (BTC), Capo expects BTC to continue to correct after breaking through the key psychological support of $30,000.
“After the fifth touch of the $30,000 support, it broke it. The previous two-day candle closed below, and now it is testing this area as support. In my opinion, this is not a good place to buy. It didn’t even recover that level on a strong momentum close. $21-23,000 still in play.”
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