Cardano (ADA) Price Prediction Is Here | CryptoGazette
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There are various new predictions for crypto assets these days and an interesting one worthwhile analyzing is the prediction about the price of ADA.
The online publication the Daily Hodl notes that a popular crypto trader has issued a warning to Cardano holders as ADA moves closer to the $1 level.
ADA price warning is out
The popular trader known as Capo explained that Cardano ADA is currently in the middle of a clean triangle pattern hinting at bearish price action in the coming days.
“ADA confirming the bearish triangle.”
As the online publication the Daily Hodl notes, Capo thought Bitcoin would kick off a relief rally past $40,000 before a fairly major downward move.
But now, it’s been revealed that he is leaning more towards BTC beginning a bearish capitulation happening in a more direct fashion.
“Whales are adding supply and removing bids below the current price. It seems that it will go just straight down without touching 40k. I’ve sold a little bit more. Currently 85% in USDT, ready for what could be coming. Stay safe.”
The truth is that there are some altcoins that have been outperforming Bitcoin during the recent market correction, and Capo says that overall, the altcoin market looks weaker than BTC.
He recently addressed Bitcoin dominance, which compares the market cap of BTC to the rest of the crypto space.
“Altcoins look even worse than $BTC. With the Bitcoin dominance forming a triple bottom, and the OTHERS (altcoins) chart wanting to retest the range low, it wouldn’t surprise me to see a 50% drop in altcoins in the next few days. Stay safe.”
At the moment of writing this article, the crypto market looks pretty bullish with Bitcoin and more cryptos trading in the green. Now, the king coin is priced at $38,986.
Stay tuned for more news and make sure to keep your eyes on the market.
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