dailyhodl.com
A top crypto analyst is warning that Cardano (ADA) and two other Ethereum (ETH) competitors are likely to continue facing heavy downside risks.
Starting with smart contract platform Cardano, the pseudonymous trader known as Capo tells his 246,200 Twitter followers that the ninth-largest cryptocurrency by market cap is in a “very bearish” territory after converting a support area around the $1.05 price into a resistance level.
“ADA.
The saga continues.
Main level was broken and now it’s being tested as resistance. Below it, this is very bearish.”
Cardano (ADA) is currently trading at $0.89 at time of writing.
Next up is Ethereum challenger Solana (SOL), a blockchain focused on fast and cheap transactions.
Capo says that Solana is encountering a “very strong” downward trend and could fall by over 70% from current levels.
“SOL.
$20-25 this year wouldn’t be crazy, considering that the bullish parabola is completely broken and the downtrend is very strong.”
Solana (SOL) is trading at $93.39 at time of writing.
Next up is the native token of Fantom (FTM), a smart contract-enabled blockchain that aims to solve scalability limitations.
The trader says that after FTM’s exponential rally from a record low in March 2020 of around $0.0017 to a record high of $3.48 in October 2021, it could crash by up to 95%.
“Some people don’t realize that altcoins like FTM went up 200,000% from March lows. Do you realize how much is that? It’s a 2,000x, in less than 2 years.
A correction of 90-95% (bear market) from the top is what usually happens after this runs. Then bullish trend continues.”
Fantom (FTM) is trading at $1.81 at time of writing.