A Twitter analyst, known as the altcoin prophet, warns that Cardano and two major cryptocurrencies are giving bearish signals.
Cardano and two Ethereum rivals are giving bearish signals
According to a renowned crypto expert, Cardano (ADA) and two other Ethereum (ETH) rivals will continue to face huge downside risks. An analyst by the pseudonym known as Capo says the ninth-largest cryptocurrency by market cap is in “very negative” territory after turning a $1.05 support level into a resistance level, starting with Cardano:
main for ADA The level has been broken and is now being tested as a resistance. There is quite a drop below that.
Cardano (ADA) is trading at $0.85 at the time of writing. Second on the analyst’s list is Solana (SOL), an Ethereum competitor focused on fast and cheap transactions. According to Capo, Solana is in a “very significant” downtrend and could drop more than 70% from current levels. The analyst interprets the following technical chart:
$20-25 this year wouldn’t be absurd, given that the bullish parabola has been completely broken and the pullback is quite severe.
At the time of writing, Solana (SOL) was trading at $88.32.
“This altcoin could start the crash”
Next up is Fantom (FTM), a smart contract-enabled Blockchain that promises to overcome scaling issues. According to the analyst, FTM could drop as much as 95% after an exponential recovery from a record low of roughly $0.0017 in March 2020 to a record high of $3.48 in October 2021. Capo’s analysis on FTM:
Some people are unaware that cryptocurrencies like FTM are up over 200,000% from March lows. Any idea how much that is? A 2,000-fold increase in less than two years. Following these runs, a 90-95% correction from the top (bear market) usually happens after this run. Then the upward trend continues.
Phantom (FTM) is traded at $1.66 at the time of writing, 5% losses were seen in the crypto money market on March 5, when Bitcoin was traded below $ 40 thousand. You can find the analysis of the recent Bloomberg report, which we have quoted as Kriptokoin.com, about the reflection of the war between Russia and Ukraine on the crypto market.
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