A crypto strategist closely followed by the crypto community, Ethereum rivals Cardano (ADA), Terra (Luna) and Phantom (FTM) He predicts major bearish price movements will occur.
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The analyst, using the alias Capo, warned his 243,400 Twitter followers that Cardano is threatening to break the $1.00 support after it has touched a crucial level for him several times in the past 12 months.
“ADA’s sixth touch on core support. How much further will it fall?”
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In technical analysis, hitting support multiple times is a bearish signal as it indicates potential exhaustion of demand at the price level.
Looking at the monthly time frame, Capo suggests that Cardano has most likely completed its five-wave uptrend, with a downtrend on the horizon.
“Isn’t anyone going to talk about this?
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Capo believes in Elliott Wave theory, a technical analysis approach that predicts future price movements by observing crowd psychology, which manifests itself in waves. A typical trend goes through five waves before experiencing a major market reversal, according to Elliott Wave.
Capo is also keeping a close eye on Terra (LUNA), a decentralized finance payments network, which he believes will continue to decline once it fails to break the $60 resistance.
“LUNA as planned [bearish] progressing.”
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The latest cryptocurrency on Capo’s radar is a private blockchain network that aims to power smart cities. Phantom (FTM). According to the crypto analyst, FTM is poised to drop as low as $1.00 after breaking the bullish market structure (MS) and failing to hold the $2.10 support.
“It’s pretty similar to LUNA and the others. We’re past a distorted ascension MS and three waves. Most likely support could be around $1.00.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.