The widely followed cryptocurrency trader is predicting more corrective moves, smart contract platform Cardano (ADA) and one of the popular cryptocurrencies of the year.
Capo, a crypto analyst with a pseudonym, tells his 307,500 Twitter followers that the ADA is about to take another step before ending its five-wave downtrend, based on Elliott wave theory.
The fifth wave is missing.
The main support is $0.30 – $0.35. »
Elliott Wave Theory is a technical analysis method that attempts to predict future price movement by following the psychology of crowds that tend to appear in waves. According to the theory, the asset goes through a five-wave cycle before a major market reversal.
Capo says the ADA is about to finish its fourth wave, which indicates that the coin is ready for its final influx. Cardano is trading at $0.55 at the time of writing, which is 45% more than the analyst’s downside target of $0.30.
Capo is also keeping a close eye on the STEPN (GMT) protocol built on the Solana (SOL) blockchain. According to the crypto strategist, he sees GMT trading at $0.60.
“GMT is back home, but now he has to go downstairs.”
The GMT is trading at $1.52 at the time of writing.
Looking at Bitcoin (BTC), Capo says he expects BTC to continue correcting after breaching the key psychological support at $30,000.
“After the fifth touch of the $30K support, he broke it. The previous two days candle closed below, and it is now testing this area as support. In my opinion, this is not a good place to buy. It did not recover this level even on a high close. $21-$23,000 No It’s still at stake.”
Check price action
Never miss a thing – sign up to receive encrypted email alerts straight to your inbox
Follow us TwitterFacebook and Telegram
Browse the Daily Hoodle Mix