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06/23/2023

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Cardano Price Prediction: ADA Price On The Verge To Crash 65%, Analyst Maps Bottom Levels

The Cardano (ADA) network, a prominent smart contract ecosystem, is currently facing a critical support level that could potentially lead to increased capitulation. Despite a reduced decline rate this year,...

Cardano Price Prediction: ADA Price On The Verge To Crash 65%, Analyst Maps Bottom Levels
CARDANO

The Cardano (ADA) network, a prominent smart contract ecosystem, is currently facing a critical support level that could potentially lead to increased capitulation. Despite a reduced decline rate this year, there are lingering risks of further capitulation at the current trading levels of approximately 29 cents. Additionally, Bitcoin’s dominance has been on the rise, indicating a flow of funds toward the leading digital asset.

ADA Price Analysis

Congratulations to the bulls that were respectful and were calling for 30k.

My bearish scenario is NOT invalidated yet.

— il Capo Of Crypto (@CryptoCapo_) April 11, 2023

Well-known crypto analyst CryptoCapo has expressed concerns about the price action of Cardano (ADA), suggesting that the cryptocurrency is on the verge of a major capitulation. The analyst has set a target range of 10 to 12 cents for ADA’s price, anticipating a final drop of 60 to 65 percent to establish a bottom after the completion of the current bearish flag.

On the other hand, CryptoCapo also highlights potential resistance levels for Cardano (ADA) at around 40 cents and $1 in a more optimistic scenario. However, the analyst has maintained a generally bearish outlook on the entire crypto market, even amidst the relief rally experienced during the bear market.

SEC Allegations and IOHK’s Response

The United States Securities and Exchange Commission (SEC) has included the Cardano (ADA) network among those named in connection with unregistered offerings. The SEC claims that Cardano and other networks have raised funds through unregistered token sales. However, IOHK Founder Charles Hoskinson has strongly denied these allegations, emphasizing the highly decentralized nature of the Cardano network.

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Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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