A prominent analyst and trader warns that the native token prices of smart contract platforms Ethereum and Cardano will undergo deep corrections. Analyst Capo predicts ETH to fall to $1,400 after being rejected at resistance around $3,000.
Source: Capo/Twitter
At the time of writing, ETH is trading at $2,612, down more than 15% from its 7-day high of $3,189.
Observing the Cardano project, Capo noted that ADA found support at $0.50 after bears broke the $1 support.
“Nearest support is at $0.50.”
Source: Capo/Twitter
At the time of writing, ADA is trading at $0.97. Under Capo’s scenario, a move to $0.50 means a potential drop above 48%.
Capo is also keeping an eye on Ethereum competitor Fantom (FTM). He stressed that the altcoin has now confirmed its bearish thesis and is on track to reach its $0.95 target.
Source: Capo/Twitter
For Bitcoin, he looks at the crypto king’s heatmap. This chart tracks supply and demand by visualizing the market’s order book.
“The low demand is weakening and the supply is increasing. Horizontal = correction. Hopefully there will be more downtrends soon.”
Source: Capo/Twitter
Capo also expects BTC to eventually lose support around $30,000.
“Low timeframe trend: rally to $43k-$44k (done).
Low/Medium Timeframe Trend: Decline to $38k – $39k (done).
Medium time frame trend: drop below $30K (probably $21K – $23K) (pending).”
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
LayerZero CEO Bryan Pellegrino has announced stringent measures regarding airdrops within the LayerZero Labs ecosystem.
The United States Securities and Exchange Commission (SEC) has extended its decision deadline for the…
LayerZero Labs collaborates with Chaos Labs and Nansen to conduct a LayerZero sybil detection report…
MicroStrategy Bitcoin holdings are now more than any country, with 214,400 BTC worth $13.6 billion.
The highly anticipated Bitcoin Seoul 2024 conference is gearing up to be a revolutionary event…
As an experimental festival, Non-Fungible Conference aims to revolutionize event frameworks, offering attendees a glimpse…
This website uses cookies.