Bitcoin and altcoin analyst il Capo Of Crypto (Crypto Capo), who has come to the fore with his accurate predictions recently, shared his expectations for Cardano (ADA), one of the largest cryptocurrencies. The analyst suggests that ADA could drop between the $0.16 and $0.20 levels. Here are the details…
Analyst expects drop for popular altcoin ADA
Capo Of Crypto (Crypto Capo), the province that previously kept many crypto money predictions, talked about Cardano (ADA), which is one of the largest altcoins with its market capitalization. Analyst Cardano (ADA) predicts that the price of the cryptocurrency could potentially drop to the $0.16-0.20 range. Currently, the ADA has recorded a 8.8 percent loss last week. In the last 24 hours, it has decreased by 1.1 percent. Currently, it is changing hands at $0.32 levels.
The native cryptocurrency of Cardano Blockchain will need to drop by 50 percent to reach the price target outlined by Capo above. The strong $0.316 support level is now the target of the Cardano bears. ADA is down 89 percent from its 2021 all-time high of $3.09 recorded in September. According to the analyst, the coin has now formed another “Burj Khalifa” on its chart.
Burj Khalifa is a pattern that takes its name jokingly from the world’s tallest skyscraper in Dubai. As dramatic as this decline may seem, it pales in comparison to the previous bearish cycle. In March 2020, ADA was trading at just two cents. This marked a 98.3 percent drop from the cryptocurrency’s cycle peak of $1.18 recorded on January 4, 2018. ADA saw some bullish momentum following the Vasil hard fork. But then it went down with other cryptocurrencies.
There are developments in the Cardano ecosystem
Meanwhile, according to Cardano’s (ADA) weekly development update on November 18, there has been an improvement in the “hot swap” feature. hot swap; functions as a peer-to-peer (P2P) adoption framework. While updating the community on their efforts, the Cardano team noted that it was crucial to testing the components of the framework. Additionally, there were efforts to integrate serialization schemes to streamline operations on the network.
Also, the weekly development report showed that Cardano is working on the payment litepaper as the total number of transactions on the chain has reached 54.6 million. Despite efforts to reach developmental milestones, the ADA’s social metrics yielded little gain. According to Santiment, the social volume of the token had dropped to 33 as of November 18. Despite hitting 293 on November 17, metrics showed that ADA is rarely mentioned on social platforms. This probably signaled his waning interest.
Analyst’s previous predictions
Crypto Capo, as we have also reported as Kriptokoin.com, became popular after knowing about this year’s Bitcoin crash. Earlier, the analyst predicted that BTC would drop to $50,000 in 2021. He also correctly predicted the drop to $3,500 in the top crypto three years ago.
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