Cardano

2024

Bitcoin

<div class="dailyhodl">
 <p>A cryptocurrency analyst and trader is expressing bearish sentiment on Cardano (ADA).</p>
 <p>In a new video, the analyst pseudonymously known as Credible Crypto tells his 48,700 YouTube subscribers that Cardano currently “does not look great”.</p>
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 <p>According to Credible Crypto, Cardano faces the risk of falling further even after correcting by over 90% from its all-time high.</p>
 <p><i>“There is a valid perspective and I think a decently high probability of us not necessarily having put our low in for Cardano.”</i></p>
 <p>The pseudonymous analyst says that Cardano could fall by between 57% and 74% to reach his downside targets.</p>
 <p><i>“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.”</i></p>
 <figure id="attachment_284382" aria-describedby="caption-attachment-284382" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-284382 size-full" src="https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp" alt="" width="1428" height="732" srcset="https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp 1428w, https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp?resize=300,https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp 300w, https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp?resize=768,https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp 768w, https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp?resize=1024,https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp 1024w, https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp?resize=750,https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp 750w, https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp?resize=1140,https://cdn.thebittimes.com/images/2024/04/20/49ac6ad1e9940a078f9ee05bc956920b.webp 1140w" sizes="(max-width: 1428px) 100vw, 1428px">
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   Source: Credible Crypto/YouTube
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 <p>Cardano is trading at $0.466 at time of writing.</p>
 <p>According to Credible Crypto, Cardano’s price trajectory going forward will depend to a large extent on Bitcoin (BTC).</p>
 <p><i>“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%.”</i></p>
 <div class="video-container"><iframe title="YouTube video player" src="https://www.youtube.com/embed/ux3f_oqZ7bA?si=9FS2A9el6wehaT2G" width="560" height="315" frameborder="0" allowfullscreen></iframe>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-analyst-issues-cardano-alert-warns-ada-could-crash-by-up-to-74-here-s-his-outlook-tbt85859.html">https://thebittimes.com/crypto-analyst-issues-cardano-alert-warns-ada-could-crash-by-up-to-74-here-s-his-outlook-tbt85859.html</a></p>

Crypto Analyst Issues Cardano Alert, Warns ADA Could Crash by up to 74% – Here’s His Outlook

TheBitTimes

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