The post Crypto Expert Predicts 61% Cardano Crash, Urges Massive ADA Short appeared on BitcoinEthereumNews.com.

Despite ADA excellent performance at the close of September, some market analysts remain skeptical and advise participants to short ADA. According to them, the bull momentum has not entirely re-established itself in the market. Market analyst RayTrader has updated his bearish prediction for Cardano on TradingView. He acknowledged ADA’s movement into the range of $0.40 on September 26 but still predicted it would drop as low as $0.16 and $0.15 before a possible trend reversal into a bull market. Credit: TradingView The current Cardano price is $0.35, and a slip back to this level would represent a 61% loss for investors today. While ADA has not been at this level since December 2020, it can still happen, says RayTrader. A crash to this range amidst the present uptrend sentiment. RayTrader updated his bearish outlook to suggest that ADA slip below the $0.40 level created an excellent opportunity to sell the coin short, establishing a near-term target of $0.25. Having seen ADA slip to $0.3718 with Monday’s broader market downturn, RayTrader maintained, “Short sellers can keep their positions open, as there is still much downside potential before the likely local bottom at $0.15. This bearish analyst insinuated that traders who are satisfied with profits from shorting ADA might want to liquidate some positions along the way but he feels that the much more significant profits will come to those who remain patient as the $0.15 target is reached. As such, he thinks this level will likely mark the bottom and probably lay the foundation for a big bull run. Bearish Price Action, Bullish On-Chain Growth RayTraderhe remains significantly bearish on ADA, but other market analysts hold a bullish outlook. While the price action of Cardano has been somewhat uninteresting, according to crypto expert @CryptoFaibik, its network isn’t. Celebrating seven years since the…

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Filed under: News - @ October 2, 2024 12:24 am