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, has 307,500 Twitter followers on ADA’s Elliott Wave theory. He says he’s ready to take one more step before completing the five-wave downtrend. 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 previously reported as
Kriptokoin.com , Capo, who previously held various forecasts, said that ADA is about to complete its fourth wave and that the coin is about to make a final drop. He claims he’s ready for it. 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 follows the take-to-win protocol STEPN (GMT) built on 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 that 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.
