A well-known cryptocurrency analyst and trader predicts further corrective actions for the Cardano smart contract platform (ADA) and the asset, one of the most popular altcoins of this year.
Technical data indicate a decrease
A cryptocurrency analyst known as Capo shared his new forecasts for the market. In these forecasts, a well-known analyst informed his 307,500 Twitter followers that ADA is ready to take another step before completing a five-wave downtrend based on Elliott wave theory.
A well – known cryptocurrency analyst in his statements made the following statements:
The fifth wave is missing in ADA. The main support is located at the levels of $0.30-0.35.
Elliott wave theory is an approach to technical analysis that attempts to predict future price movements by following crowd psychology, which tends to manifest itself in waves. According to the theory, before the market reversal, an asset goes through a cycle of five waves.
Kapo suggested that ADA is about to complete its fourth wave and that the popular altcoin is ready for the last fall.
Cardano (ADA), the 7th largest cryptocurrency in the world by market value, continues to trade at $0.52 with a drop of 1.47% in the last 24 hours at the time of writing the content. This level is 45% higher than the analysts’ target level of $0.30.
A well-known analyst expects GMT to fall
Capo also announced that it is closely monitoring the win-win STEPN (GMT) protocol, which is built on the Solana (SOL) blockchain. According to the crypto strategist, the Greenwich Mean Time price may drop to $0.60.
The analyst made the following statement in his statement;
GMT came home, but now has to go down to the basement.
STEPN (GMT), one of the most popular altcoins of the last period, continues to trade at $1.57 with an increase of 4.52% over the last 24 hours at the time of writing the content.
Finally, looking at Bitcoin (BTC), Capo said he expects BTC to continue its correction after overcoming the key psychological support of $30,000.
He broke it after the fifth touch of the $30,000 support. The previous two daily candles closed below this one and are now testing this area as support. I don’t think this is a good place to buy. He did not even restore this level when closing on a large timeframe. $21,-23,000 is still in play.