Top Crypto Analyst Predicts Massive Price Dive for Cardano, Says One Solana-Based Altcoin Will ‘Go Down to the Basement’
The Elliott Wave theory is a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, an asset goes through a five-wave cycle before a major market reversal.
Capo says that ADA is about to complete its fourth wave, suggesting the coin is ready for a final flush. Cardano is trading at $0.55 at time of writing, which is 45% above the analyst’s downside target of $0.30.
“GMT has come home, but now it has to go down to the basement.”
GMT is trading at $1.52 at time of writing.
Looking at Bitcoin (BTC), Capo says he expects BTC to continue correcting after breaching the key psychological support of $30,000.
“After the fifth touch of the $30,000 support, it broke it. Previous two-day candle closed below it, and now it’s testing that zone as support. In my opinion, this is not a good spot to buy. It hasn’t even reclaimed that level on a high timeframe close. $21,-$23,000 still in play.”