Capo: ADA Has Bottomed Out, Predicts Crypto Market Up Trend
According to a prominent cryptocurrency trader and analyst known as Capo, the altcoin market is looking very strong. He predicts a huge rally for Cardano (ADA).
The analyst shares with his nearly 168K followers that he sees ADA having reach a bottom and is ready to spark a new rally.
“ADA bottom was $1.90 Now all the way up to $10. Long and strong on ADA.”
In a reference to an earlier tweet which he shared in August, Capo accurately predicted that Cardano would drop all to way down to $1.90 before resuming its climb up.
“It looks heavy here. Potential correction to $1.85-1.90. Macro view is bullish and it will probably go to $10 or higher this year.”
Capo relies on the Elliott Wave theory, which is a form of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment and psychology. The theory identifies impulse waves that set up a pattern and corrective waves that oppose the larger trend. Each set of waves is nested within a larger set of waves that adhere to the same impulse or corrective pattern, which is described as a fractal approach to investing.
The trader’s chart suggests that Cardano’s dip to $1.90 marks the end of ADA’s corrective phase and the beginning of a new up trend.
Capo is also bullish on altcoins and crypto market as a whole, to which he sees an incoming rally in the coming months.
“I repeat: this is just noise in the middle. $30,000-$50,000 [BTC] is a massive accumulation range. The corrections to $42,000, $40,000 or $38,000 [BTC] are gifts. Take them. October-December will be epic, especially for altcoins.”
The trader is also referencing the OTHERS chart, which shows the total market cap of the top 125 cryptocurrencies excluding Bitcoin and other major digital assets. Reading the OTHERS’ chart, he says it looks bullish after successfully retesting the area around $235 billion as support.
