A top analyst warns that ADA and two other Ethereum competitors are likely to continue to face catastrophic downside risks.

Getting started with Cardano’s smart contract platform, trader Capo say The ninth largest cryptocurrency by market cap is in the “extreme bearish” territory after turning support into resistance around $1.05.

“ADA: The story continues. The key plane has been broken and is now being tested as resistance. Below that is a very bearish zone.”

USD/ADA | Source: Capo

Next is Ethereum challenger Solana (SOL), a blockchain focused on fast and cheap transactions.

According to Capo, SOL is experiencing a “very strong” downtrend and could fall more than 70% from current levels.

“SOL: $20-25 this year wouldn’t be crazy as the bullish parabola has been fully broken and the downtrend is very strong.”

SOL/USD | Source: capo

Next is Fantom’s native token (FTM), a smart-contract-enabled blockchain that addresses scalability constraints.

dealer comment It could fall as much as 95% after FTM’s exponential rally from the record low of $0.0017 in March 2020 to the record high of $3.48 in October 2021.

“Some people don’t know that altcoins like FTM are up 200,000% from their March lows. Do you know how much they’re up? 2,000 times in less than 2 years.

A 90-95% correction (bear market) from above is a common occurrence after such a rally. After that, the upward trend continued.”

FTM/USD | Source: Capo

All three altcoins are currently up 2-3% over the past 24 hours after the entire crypto market saw a massive drop yesterday as Bitcoin slipped below $40,000.

Join Bitcoin Magazine Telegram to follow news and comment on this article: https://t.me/coincunews

home home

According to DailyHodl

Follow the Youtube Channel | Subscribe to the Telegram channel | Follow the Facebook page