Top Crypto Analyst Predicts Cardano’s Massive Price Plunge And Says One Solana-Based Altcoin Will ‘Go Down To The Cellar’


Widely followed cryptocurrency traders are predicting further corrective action by smart contract platform Cardano (ADA) and one of the trending altcoins of the year.

A pseudonymous cryptocurrency analyst, Capo, told his 307,500 Twitter followers that the ADA is gearing up for another decline before completing a five-phase downtrend according to Elliott Wave theory.

“Ada

The fifth wave is missing.

The main support is $0.30 – $0.35.”

source: Capo/Twitter

Elliott Wave Theory is a technical analysis approach that seeks to predict future price action by following crowd psychology that tends to appear as waves. According to theory, assets go through a five-phase cycle before major market reversals.

Capo says ADA is about to complete its fourth wave, suggesting that the coin is ready for a final flush. Cardano is trading at $0.55 at the time of writing, which is 45% above the analyst’s downside target of $0.30.

Capo is also keeping a close eye on STEPN (GMT), a mobile revenue protocol built on the Solana (SOL) blockchain. According to a cryptocurrency strategist, he sees GMT trading as low as $0.60.

“GMT is back home, but now we have to go downstairs.”

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source: Capo/Twitter

GMT is trading at $1.52 at the time of writing.

Looking at Bitcoin (BTC), Capo said he expects BTC to continue to correct after breaking the key psychological support level of $30,000.

“After the fifth touch of $30,000 support, the support stopped. The previous two-day candle closed below it and is now testing the area as support. In my opinion, this is not a good place to buy. Even at the end of the high period it did not recover that level. $21,-$23,000 are still in use.”

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source: Capo/Twitter

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