The popular cryptocurrency analyst and trader warned of corrective moves for smart contract platforms Ethereum (ETH) and Cardano (ADA).
Anonymous analyst Capo shared the chart, saying that he saw Ethereum drop as low as $1400 after rejecting the resistance around $3000. At the time of writing, Ethereum was trading at $2728.
Capo looked at Cardano and said:
“The next level of support is $0.50.”
At the time of writing, Cardano was changing hands for $0.97. If ADA follows Capo’s scenario, it could see a downside drop of over 48%, moving to $0.50.
As for Bitcoin (BTC), the analyst said he is looking at the heatmap of the leading cryptocurrency. The analyst stated that Bitcoin sparked another selling event as the heatmap showed limited demand.
“The small demand there is weakening and supply is strengthening. Side action = fix More downside expected soon.”
Capo also says that he expects BTC to eventually gain support around $30,000.
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