A cryptocurrency analyst, Credible Crypto, has raised concerns about the future of Cardano (ADA). In a recent video, he expressed his bearish outlook, stating that Cardano “does not look great.”
Downside Targets
According to Credible Crypto, Cardano could potentially fall between 57% and 74% to reach his downside targets. He believes that the cryptocurrency has likely reached its peak and is now in a downtrend.
Bitcoin’s Impact
Credible Crypto emphasizes that Cardano’s price trajectory is heavily dependent on Bitcoin (BTC). He notes that while Bitcoin has only lost around 20% from its recent high, Cardano has already lost 50%.
Outlook
Credible Crypto believes that if Bitcoin continues to decline, it could trigger a further sell-off in Cardano, leading to a potential crash of up to 74%. He identifies a support zone between $0.12 and $0.20 as the downside target if Cardano breaks below its current level.
