A widely followed cryptocurrency trader, smart contract platform Cardano (ADA) and one of this year’s trending altcoins, STEPN (GMT), are predicting more corrective moves. Here are analyst Capo’s predictions…
Analyst predicts $0.30 for Cardano
Capo, an anonymous cryptocurrency analyst, gave his 307,500 Twitter followers based on ADA’s Elliott Wave theory before completing the five-wave downtrend. He says he’s ready to take one more step first. The analyst said, “ADA. The fifth wave is missing. The main support is $0.30 – $0.35.” As it is known, Elliott Wave theory is a technical analysis approach that tries to predict future price movements by following crowd psychology that tends to manifest in waves. According to the theory, an asset goes through a five-wave cycle before changing its trend. As we have reported as
Kriptokoin.com, Capo, who previously kept various forecasts, claims that ADA is about to complete its fourth wave and that the coin is ready for a final drop. Cardano is trading at $0.54 at the time of writing. That is, it is almost 45 percent above the analyst’s downside target of $0.30.
What are the prospects for GMT?
Capo also closely monitors the take-to-win protocol STEPN (GMT), which is built on the Solana (SOL) Blockchain. The crypto strategist sees GMT trading as low as $0.60. “GMT has come home, but now it needs to go down to the basement,” the analyst said. GMT is trading at $1.62, up 8.2 percent at the time of writing.
Finally looking at Bitcoin (BTC), Capo said he expects BTC to continue correcting after breaking the key psychological support of $30,000, adding:
It broke the level after the fifth touch of the $30,000 support. The previous two daily candles closed below this and are now testing that area as support. I don’t think this is a good place to buy. It did not even regain this level at the close on a wide timeframe. $21,000-23,000 is still in play.
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