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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. “
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Featured images: Shutterstock / vvaldmann / Mingirov Yuriy / VECTORY_NT
