Cardano is being viewed negatively by a cryptocurrency trader and analyst (ADA).
Credible Crypto is a pseudonymous crypto analyst who has just released a brand new video. tells Cardano’s 48,700 subscribers on YouTube “does not look great”.
Credible Crypto says that Cardano is still at risk for further decline, even after it corrected its price by 90%.
“There is a valid perspective and I think a decently high probability of us not necessarily having put our low in for Cardano.”
Cardano, according to the pseudonymous expert, could drop between 57%-74% in order to meet his 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 currently trades at $0.466 as of the time this article was written.
Credible Crypto says that Cardano’s future price will be heavily influenced by 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%.”
Don’t Miss a Beat – Subscribe Receive email alerts directly in your mailbox
Check this out Price Action
Join us! Twitter, Facebook You can also find out more about the following: Telegram
Search for a way to surf The Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Do your research before investing high risk money in Bitcoins, cryptocurrencies or digital assets. Your transfers and transactions are entirely at your own risk. own Risk is yours, as are any losses. The Daily Hodl neither advises the purchase or sale of any digital assets or cryptocurrencies, nor does it act as an investment advisor. The Daily Hodl engages in affiliate marketing.
Generated Image DALLE3
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: dailyhodl.com