Top Crypto Analyst Anticipates Massive Price Drop for Cardano, Says Solana-based Altcoin Will “Go Underground”

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.

“ADA .”

The fifth wave is missing.

The main support is $0.30 – $0.35. »

Source: Capo / Twitter

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.”

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Source: Capo / Twitter

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.”

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Source: Capo / Twitter

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