A cryptocurrency analyst known for his accurate predictions predicted a major correction for 2 altcoins. The analyst, who correctly predicted the 2022 Bitcoin collapse, comes to the agenda with new warnings.
2 altcoins on the verge of major correction, according to Capo
More corrections are imminent for Cardano (ADA) and mid-cap altcoin Cronos (CRO), according to the expert who accurately predicted Bitcoin’s (BTC) collapse this year. The crypto analyst nicknamed “Capo”, who has 438,400 Twitter followers, says that Cardano will finally collapse from the $0.44 support level. Capo’s ADA predictions came last after the price tested support six times in a short period of time this month. In his latest analysis, Capo says:
Sixth support touch. It’s getting worse. Support below: $0.29–0.31.
You can take a look at the analyst’s accurate predictions here.
At the time of writing, Bitcoin is trading below $20,000. Meanwhile, Cardano price is also down 5% from the last 24 hours. ADA is currently trading below the support level indicated by Capo. According to the analyst, the next level of support will be the $0.29–0.31 range.
The other altcoin that the analyst alarmed was CRO
The other altcoin that the analyst warned about is Cronos (CRO), the cryptocurrency of the Crypto.com exchange. Capo says the CRO has broken below the horizontal and diagonal support levels and is preparing to start the next phase. Analyst identified CRO price support zone:
Update on CRO: $0.055 – $0.065
Cronos (CRO) is the 23rd largest cryptocurrency by market cap. It is currently trading at $0.1119, down 4.73% in the last 24 hours. If the CRO price moves towards Capo’s target, it would mean a potential loss of around 50%.
Capo says his market will reach new lows
The crypto analyst also issued a broad warning to players in the cryptocurrency market. Capo suggests that the latest inflation data could cause cryptocurrencies to reach new lows in 2022. Capo of current analysis noted the following on this topic:
The graphics are all poor. Eventually new lows will be reached. This week’s CPI (consumer price index).
New CPI figures are expected on 13 June. CPI is closely watched by investors. That’s because strong inflation figures will indicate that the Federal Reserve will likely start raising interest rates again. This is often bad news for risky assets like cryptocurrencies.
At the time of writing, Bitcoin is trading at $19,778.71. Last week, it fell from its local high of $22,314.94. Meanwhile, the top 10 altcoins like Ethereum, BNB Coin, Cardano, and Solana are down over 5%. As Kriptokoin.com, we are presenting the current Bitcoin analysis here.
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