A cryptocurrency analyst and trader is expressing bearish sentiment on Cardano (ADA).
In a new video, the analyst pseudonymously known as Credible Crypto tells his 48,700 YouTube subscribers that Cardano currently “does not look great”.
According to Credible Crypto, Cardano faces the risk of falling further even after correcting by over 90% from its all-time high.
“There is a valid perspective and I think a decently high probability of us not necessarily having put our low in for Cardano.”
The pseudonymous analyst says that Cardano could fall by between 57% and 74% to reach his downside targets.
“The idea is that we’ve probably put in our top here [the 2024 high of $0.810] and we may now have started to break down. And if that is the case then we probably return back below the green zone [around the $0.33 price] and then go for these lows that have built up here – there is a higher time frame area of demand or support in this cluster between $0.12 and $0.20. And that would be the downside target if we break down from where we are now.”
Cardano is trading at $0.466 at time of writing.
According to Credible Crypto, Cardano’s price trajectory going forward will depend to a large extent on Bitcoin (BTC).
“All it would take to see another dump down potentially on something like Cardano and a loss of this support and further bleed is for Bitcoin to make another leg down. At this stage Bitcoin’s been going sideways, Cardano has already lost $0.40 [from the 2024 high – about a 50% draw down] to the downside while Bitcoin has lost only about 20%.”
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