A crypto analyst and trader has a bearish view on Cardano (ADA).
In a new video, the analyst known as Credible Crypto told his 48,700 YouTube subscribers that Cardano “doesn't look very good” as it currently stands.
According to Credible Crypto, Cardano faces the risk of further decline even after correcting more than 90% from its all-time high.
“I think there is a valid perspective and it is quite possible that we are not necessarily putting money into Cardano.”
The pseudonymous analyst said Cardano could fall between 57% and 74% to meet the downside price target.
“The idea is probably to come out on top here.” [the 2024 high of $0.810] And we may be starting to fall apart now.If so, you'll probably be back under the green zone [around the $0.33 price] And let's aim for the low price that has accumulated here. This cluster has a higher timeframe area of demand or support between $0.12 and $0.20. And if we break down from where we are now, that would be a downside target. ”
At the time of writing, Cardano is trading at $0.466.
According to Credible Crypto, the future price trajectory of Cardano will largely depend on Bitcoin (BTC).
“If something like Cardano has another crash, if this support is lost and there is more bleeding, all we need is for Bitcoin to fall further. At this stage Bitcoin is flat and Cardano is already at $0.40. are losing [from the 2024 high – about a 50% draw down] Bitcoin is only down about 20%, but it is starting to decline. ”
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