Crypto analyst and trader is expressing negative sentiment towards Cardano (ADA).
In a new video, the analyst, who goes by the pseudonym Credible Crypto, told his 48,700 YouTube subscribers that Cardano “doesn’t look cool” right now.
Cardano faces further downside risks even after a more than 90% correction from its all-time high, according to Credible Crypto.
“There is a valid point of view and I think it is quite possible that we would not necessarily have invested in Cardano.”
An anonymous analyst says Cardano could fall between 57% and 74% to reach its downside target.
“The thinking is that we may have peaked here (the 2024 high of $0.810) and are now starting to break down. If so, we will probably head back below the green zone (around $0.33) and then towards the lows built up here. This cluster has an area of demand or support on higher time frames between $0.12 and $0.12. $0.20. And if we fall from where we are now, that will be a downside goal.”
Cardano is trading at $0.466 at the time of this writing.
According to Credible Crypto, Cardano’s future price trajectory will largely depend on Bitcoin (BTC).
“What we need to do to potentially see another dump on something like Cardano happen and see this support lost and further bleed is for Bitcoin to build another bridge. At this stage, Bitcoin is trading sideways, with Cardano already down $0.40 (down about 50% from its 2024 high), while Bitcoin is down only about 20%.”
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