A popular analyst predicts a sharp surge in Cardano (ADA) as he sees the altcoin market showing signs of strength.

The person known in the industry as Capo, speak With 176,100 followers, Cardano has bottomed out and is ready to trigger a new upward trend.

“ADA bottomed at $ 1.90 and now it’s time to move towards $ 10. Buy and wait.”

Capo points to a tweet he posted in August that correctly predicted Cardano would fall to $ 1.90 before continuing its bull cycle.

“The price action looks weak here. A correction to $ 1.85-1.90 is likely. The macro outlook is bullish and could climb to $ 10 or more this year. “

Daily ADA / USDT chart released August 22nd | The source: Capo / Twitter

The analyst uses Elliott Wave Theory, a technical analysis method that predicts future price movements by tracking the sentiment of the crowd through each wave. According to Capo’s chart, Cardano’s decline to USD 1.90 marks the end of the ADA correction phase and the beginning of a new wave.

Capo is also bullish on altcoins as he believes the entire crypto market will explode in the coming months.

“I repeat, this is only a mid-cycle correction. $ 30,000 to $ 50,000 in BTC is a wide range of accumulation. The BTC correction to $ 42,000, $ 40,000, or $ 38,000 is a gift. Let’s take them. October through December will be epic, especially for altcoins. “

To back up his view on altcoins, Capo looks at the chart OTHER, this chart shows the total market capitalization of the top 125 cryptocurrencies excluding Bitcoin and a few other major digital assets. According to Capo, the OTHERS chart looks bullish after recovering from the critical support area at $ 235 billion.

“It’s impossible not to be optimistic about altcoins.”

Daily MISCELLANEOUS diagram | The source: Capo / Twitter

With Bitcoin, Capo believes the crypto king has bottomed out as buyers pile up bids on the order book.

“That looks like a low. The demand is huge and there is no supply. A pump will happen soon. “

The source: Capo / Twitter

You can see the coin prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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