The leading altcoin and Cardano (ADA) stand on the verge of another decline, according to an analyst who predicted the Bitcoin and cryptocurrency market crash. The analyst also says that the stronger DXY will likely affect Bitcoin (BTC).
“Cardano stands on the verge of a major decline”
The analyst, nicknamed Crypto Capo, who predicted the current crypto market crash, shared his new predictions to his 429,000 Twitter followers. The analyst says that Ethereum and one of its biggest rivals are on the verge of another big drop.
Cardano (ADA) touched a critical support level near $0.44 for the fifth time. Traditionally, the more a support level is tested, the weaker it gets. That’s why Crypto Capo says ADA’s $0.44 range is no exception. In this regard, he uses the following expressions:
ISLAND. 5th touch. Doesn’t support.
“This is a bearish sign for the leading altcoin”
The altcoin oracle is also looking at the leading altcoin Ethereum (ETH). According to reports from blockchain tracking service Whale Alert, whales have sent massive amounts of ETH to crypto exchanges. According to Capo, there is an important case here as whales are sending so much ETH to FTX. In this regard, the analyst is reading this as a bearish sign for the second largest cryptoasset by market cap. In this context, Capo makes the following statement:
The last time we saw ETH being sent to FTX, the price dropped drastically.
Capo sets bearish targets for Bitcoin
Anlist says that macroeconomic conditions are also putting pressure on crypto markets. Capo points out how the US dollar index (DXY) has risen against a weakening S&P 500. In this respect, it implies that Bitcoin (BTC) will most likely be affected. The altcoin oracle has this to say about Bitcoin:
DXY is flying, SPX is bombing. Predict what BTC will do.
Capo says that technically Bitcoin is still printing bearish price action. Also, the popular analyst notes that every bounce in BTC is only a correction on the bearish path. Hence, he reveals his main downside target of up to 23% from current prices. The analyst shares the following predictions:
Always lower highs for BTC. The volume of the pumps is low and they seem corrective. The main target remains at $15,800-16,200.
The leading crypto made a leap in press time and managed to rise above $20,000 again. BTC was trading at $20,474, gaining 3.52% on a daily basis, according to data from CoinMarketCap. On the other hand, it is far from its all-time high of $69K.
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