Accurately predicting the 2022 crash, the analyst warned about Cardano (ADA). The largest PoS altcoin will see a correction to the $0.28-0.30 region if Capo’s prophecy comes true.
Capo shared the scenario where he expects a 37% drop for the altcoin
The 2 largest altcoins by market cap have been the subject of Capo’s latest analysis. The analyst, nicknamed Capo, who has 485,300 Twitter followers, expects a massive drop in Cardano price in the coming weeks. Capo focuses on a chart of ADA’s price fluctuations going back to May.
The corresponding chart is based on the wedge pattern that ADA price has formed with a rally that started in late July. ADA price has lost more than 25% in the past week within this pattern. Prior to that, it hit a local top of almost $0.60 on Aug. 16. The analyst also talks about a bottom where Cardano will eventually fall between $0.28 and $0.30. In Capo’s view, we will see a series of peaks and troughs on the ADA chart. The graphic that Capo shared on Twitter:
Cardano is currently up around 1.3%. It is trading at $0.4645 after losing 7% since last week. If the price drops to $0.29, that would mean a 37% loss from current levels.
Capo maps the price of Bitcoin
The analyst, who moved to Bitcoin (BTC), is updating the predicted support and resistance zones for September in response to a tweet he sent on August 20. Capo predicts a dead cat bounce (DCB) will likely reach a low as low as $16,000 before Bitcoin continues to drop to around $19,000 temporarily, or even spike above $20,000. According to the analyst:
DCB (w2) hits $22,500 or $23,500, then the downtrend continues. Local bottom $19,000 = break below $16,000.
Bitcoin price is currently spending just under $22,000. In his latest statement, the analyst offers his views on the entire crypto market and adds:
The market has fallen. Every bounce offers a good chance for a sale. It would be wise to stay away from the market until new lows.
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