{"id":16856,"date":"2022-05-15T13:30:15","date_gmt":"2022-05-15T13:30:15","guid":{"rendered":"http:\/\/egrowonline.com\/?p=16856"},"modified":"2022-05-15T13:30:15","modified_gmt":"2022-05-15T13:30:15","slug":"top-crypto-analyst-predicts-massive-price-dive-for-cardano-says-one-solana-based-altcoin-will-go-down-to-the-basement","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=16856","title":{"rendered":"Top Crypto Analyst Predicts Massive Price Dive for Cardano, Says One Solana-Based Altcoin Will \u2018Go Down to the Basement\u2019"},"content":{"rendered":"


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A widely followed crypto trader is predicting further corrective moves smart contract platform Cardano (ADA) and one of this year\u2019s trending altcoins.<\/p>\n

Pseudonymous crypto analyst Capo tells his 307,500 Twitter followers ADA is poised for another leg down before it completes its five-wave downtrend, based on the Elliott Wave theory.<\/p>\n

\u201cADA<\/em><\/p>\n

Fifth wave missing.<\/em><\/p>\n

Main support is $0.30 \u2013 $0.35.\u201d<\/em><\/p>\n

\"Image\"
Source: Capo\/Twitter<\/a><\/figcaption><\/figure>\n

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.<\/p>\n

Capo says that ADA is about to complete its fourth wave, suggesting the coin is ready for a final flush. Cardano<\/a> is trading at $0.55 at time of writing, which is 45% above the analyst\u2019s downside target of $0.30.<\/p>\n

Capo is also keeping a close watch on the move-to-earn protocol STEPN<\/a> (GMT) which is built on the Solana<\/a> (SOL) blockchain. According to the crypto strategist, he sees GMT trading as low as $0.60.<\/p>\n

\u201cGMT has come home, but now it has to go down to the basement.\u201d<\/em><\/p>\n

\"Image\"
Source: Capo\/Twitter<\/a><\/figcaption><\/figure>\n

GMT is trading at $1.52 at time of writing.<\/p>\n

Looking at Bitcoin<\/a> (BTC), Capo says he expects BTC to continue correcting after breaching the key psychological support of $30,000.<\/p>\n

\u201cAfter the fifth touch of the $30,000 support, it broke it. Previous two-day candle closed below it, and now it\u2019s testing that zone as support. In my opinion, this is not a good spot to buy. It hasn\u2019t even reclaimed that level on a high timeframe close. $21,-$23,000 still in play.\u201d<\/em><\/p>\n

\"Image\"
Source: Capo\/Twitter<\/a><\/figcaption><\/figure>\n

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div><\/div>\n


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A widely followed crypto trader is predicting further corrective moves smart contract platform Cardano (ADA) and one of this year\u2019s trending altcoins. Pseudonymous crypto analyst Capo tells his 307,500 Twitter followers ADA is poised for another leg down before it completes its five-wave downtrend, based on the Elliott Wave theory. \u201cADA Fifth wave missing. Main […]<\/p>\n","protected":false},"author":1,"featured_media":16857,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[42],"tags":[349,646,8161,266,62,737,527,470,195,8160,114],"class_list":["post-16856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","tag-altcoin","tag-analyst","tag-basement","tag-cardano","tag-crypto","tag-dive","tag-massive","tag-predicts","tag-price","tag-solanabased","tag-top"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/05\/50-Drop-for-Cardano-1.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16856"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16856\/revisions"}],"predecessor-version":[{"id":16858,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/16856\/revisions\/16858"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/16857"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16856"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}