Ethereum and Cardano (ADA) on the Brink of Another Drop, Says Trader Who Called 2022 Crypto Market Collapse

Traders known to call the current crypto market downturn say Ethereum and one of its biggest challengers are at the edge of another significant dip.

A pseudonym trader known as Capo told his 429,000 Twitter followers that Cardano (ADA) has reached a significant support level of nearly $ 0.44 for the fifth time.

Traditionally, the more support levels are tested, the weaker the support levels, and Capo states that the $ 0.44 range of ADA is no exception.

“ADA

5th touch. Support is not retained. “

Looking at Ethereum (ETH), analysts Report From the blockchain tracking service WhaleAlert, it looks like a large entity is sending a large amount of ETH to the crypto exchange.

According to Capo, whales sending this much ETH to FTX could be a bearish sign of the second largest crypto asset by market capitalization.

“Last time I saw ETH being sent to FTX, but the price has dropped significantly.”

Capo says macro conditions are also putting pressure on the crypto market.Analyst Point out It means how the US dollar index (DXY) has skyrocketed against the weakening of the S & P 500 and Bitcoin (BTC) is likely to be affected.

“DXY Flying, SPX Nooking

Guess what BTC will do. “

Capo says that technically Bitcoin is still printing the bearish price behavior of textbooks. Popular analysts say that all BTC bounces are just retracements along the way, revealing his main downside target, up to 23% away from current prices.

“BTC

Always lower the high price. The pump capacity is low and looks like it has been fixed.

The main goal remains at $ 15,800-16,200. “

Check price action

Don’t miss the beat subscribe and deliver encrypted email alerts directly to your inbox

follow me twitter, Facebook When telegram

Surf the daily hoddle mix

& Nbsp

Check the latest news headlines

& Nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors need to do due diligence before making risky investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfer and transaction is your own responsibility and any loss you may incur is your responsibility. Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets. Also, Daily Hodl is not an investment adviser. Please note that TheDailyHodl participates in affiliate marketing.

Featured images: Shutterstock / vvaldmann / Mingirov Yuriy / VECTORY_NT