Correction On Horizon For Cardano (ADA) , Terra (LUNA) & Fantom (FTM) Price !Traders Can Short At This Level
The crypto market rose on Wednesday as the chance of a truce in the conflict between Russia and Ukraine boosted investor confidence.
The global cryptocurrency market is now valued $1.99 trillion, up 2.45 percent from Tuesday. In the last 24 hours, the overall crypto market volume climbed by 5.08 percent to $75.55 billion.
Cardano (ADA), Terra (LUNA), and Fantom (FANTOM) are among the Ethereum competitors that are expected to see big adverse price movements, according to a widely recognised crypto expert.
Cardano is threatening to breach support at $1.00, according to pseudonymous trader Capo, who warns his Twitter followers. Cardano has tapped the crucial level multiple times in the last 12 months.
— il Capo Of $NOIA (@CryptoCapo_) February 12, 2022
In technical analysis, repeatedly hitting support is a bearish signal since it suggests possible demand depletion at the price level.
Capo believes Cardano has likely completed its five-wave uptrend on the monthly timeframe, implying a bearish reversal is imminent.
At the time of writing, ADA is trading at $1.08 down by 2.9%. The resistance on the upside is at $1.5 and the support is at $1.
Capo is also keeping an eye on Terra (LUNA), a decentralised finance payment network, which he believes will continue to fall after failing to break through resistance at $60.
— il Capo Of $NOIA (@CryptoCapo_) February 13, 2022
At the time of writing, LUNA is trading at $56.05 down by 1.1%. The resistance on the upside is at $58.24 and the support is at $55.