Cardano (ADA) is receiving a bearish outlook from a cryptocurrency analyst and trader. In a recently released video, the analyst, who goes by the pseudonym Credible Crypto, shares his concerns about the current state of Cardano, stating that it “does not look great” at the moment.
Credible Crypto believes that Cardano may continue to decline even after already correcting by over 90% from its all-time high. He suggests that there is a possibility that the cryptocurrency has not yet reached its lowest point. According to him, Cardano could potentially experience a further decline of between 57% and 74% based on his downside targets.
The analyst explains that his perspective is based on the idea that Cardano has already reached its peak in 2024 and is now in a breakdown phase. He predicts that the cryptocurrency may drop below the green zone, which is currently priced around $0.33, and reach the lows that have been established between $0.12 and $0.20.
At the time of writing, Cardano is trading at $0.466. Credible Crypto emphasizes that Cardano’s future price trajectory will largely depend on Bitcoin’s performance. He suggests that if Bitcoin experiences another significant drop, it could potentially lead to further losses for Cardano.
Credible Crypto highlights that while Bitcoin has only lost about 20% from its high, Cardano has already experienced a drawdown of around 50%. He believes that if Bitcoin continues to decline, it could result in another drop for Cardano and a potential loss of support.
It’s important to note that the opinions expressed by Credible Crypto are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets. The Daily Hodl, where the article is sourced from, does not recommend buying or selling any cryptocurrencies and is not an investment advisor.
