Top Crypto Analyst Predicts Massive Price Dive for Cardano, Says One Solana-Based Altcoin Will ‘Go Down to the Basement’

A widely followed crypto trader is predicting further corrective moves smart contract platform Cardano (ADA) and one of this year’s trending altcoins.

Pseudonymous crypto analyst Capo tells his 307,500 Twitter followers ADA is poised for another leg down before it completes its five-wave downtrend, based on the Elliott Wave theory.

“ADA

Fifth wave missing.

Main support is $0.30 – $0.35.”

Source: Capo/Twitter

The Elliott Wave theory is a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, an asset goes through a five-wave cycle before a major market reversal.

Capo says that ADA is about to complete its fourth wave, suggesting the coin is ready for a final flush. Cardano is trading at $0.55 at time of writing, which is 45% above the analyst’s downside target…

Read more at dailyhodl.com

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