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.
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?”
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?
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.”
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.”
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.