A cryptocurrency analyst and trader is expressing bearish sentiment on Cardano (ADA).
In a new video, the analyst pseudonymously known as Credible Crypto tells his 48,700 YouTube subscribers that Cardano currently “does not look great”.
[adinserter block="1"]According to Credible Crypto, Cardano faces the risk of falling further even after correcting by over 90% from its all-time high.
“There is a valid perspective and I think a decently high probability of us not necessarily having put our low in for Cardano.”
The pseudonymous analyst says that Cardano could fall by between 57% and 74% to reach his downside targets.
“The idea is that we’ve probably put in our top here [the 2024 high of $0.810] and we may now have started to break down. And if that is the case then we probably return back below the green zone [around the $0.33 price] and then go for these lows that have built up here – there is a higher time frame area of demand or support in this cluster between $0.12 and $0.20. And that would be the downside target if we break down from where we are now.”
Cardano is trading at $0.466 at time of writing.
According to Credible Crypto, Cardano’s price trajectory going forward will depend to a large extent on Bitcoin (BTC).
“All it would take to see another dump down potentially on something like Cardano and a loss of this support and further bleed is for Bitcoin to make another leg down. At this stage Bitcoin’s been going sideways, Cardano has already lost $0.40 [from the 2024 high – about a 50% draw down] to the downside while Bitcoin has lost only about 20%.”
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