As a seasoned crypto investor with over a decade of experience in this rollercoaster ride, I find myself cautiously optimistic about Cardano (ADA). While Max Keiser’s prediction of a 90% crash might sound alarming, it’s important to remember that even the most vocal critics have their biases.
In the past day, the cost of Cardano increased by 4%, rekindling optimism among investors. But Max Keiser, a vocal skeptic of ADA, predicts that its price could plummet by as much as 90%. While this forecast from the expert appears extreme, it’s important to note… Now let’s delve into what might happen next for Cardano, often referred to as Ethereum‘s rival.
Expert Keiser Predicts 90% Crash for Cardano Price
A recent tweet by Bitcoin Maxi Max Keiser said the ADA price will lose another 90% compared to Bitcoin in the next six months.
Cardano (ADA) will lose another 90% vs. Bitcoin over the next 6 months.
— Max Keiser (@maxkeiser) October 5, 2024
If ADA/USDT was to plummet by 90% from its current value, it would be trading around $0.03. This significant drop would reduce its market capitalization to approximately $1 billion. However, considering the advancements in Cardano’s network and the positive vibes generated by Elon Musk’s endorsement at Donald Trump’s rally, such a steep decline seems improbable.
Members within the Cardano community countered Kiesser’s statement, arguing that if the value of ADA decreases by 90%, it would offer an excellent opportunity for investment.
Over the past two days, there’s been a rise in transactions by large Cardano holders, or “whales.” However, contrary to what one might expect, the transaction volume has decreased instead of increasing, as indicated by IntoTheBlock data. The number of large transactions grew from 311 to 337 between October 5 and 6. Yet, the net flow of ADA held by these whales dropped significantly, from approximately 27 million ADA ($1.1 million) to -3.11 million ADA, indicating that these whales may be selling or transferring their Cardano (ADA) holdings.
Furthermore, examining the Liquidation Map on Coinglass reveals a predominantly bearish stance among derivative traders regarding the price of Cardano across various timeframes. This is indicated by the fact that the aggregate Short Liquidation Leverage exceeds the Long Liquidation Leverage in daily, weekly, and monthly perspectives.
This skew indicates a generally pessimistic outlook among traders, since they expect the cost of Cardano to decrease further in the upcoming period.
According to these figures and data points, it seems that Kaiser’s forecast could be quite plausible. If market circumstances remain constant, the price of ADA might keep falling for an extended period.
ADA Price Analysis: What Next for Cardano?
Currently, the cost of Cardano is moving within a set limit or “range,” with a potential resistance or ceiling around $0.37, while support or floor can be found at approximately $0.32.
As a researcher, I’ve observed that there seems to be a point of resistance at approximately $0.37, followed by a more substantial level around $0.40, which has shown resilience in the past. On the flip side, $0.32 appears to be a crucial demand zone where the price has bounced back before, serving as a robust foundation.
In simpler terms, the area marked red functions as a region where sellers might become more active, increasing the possibility of price drops. The pointed down arrow implies a bearish trend, potentially leading to another test of support at around $0.32.
If the price doesn’t continue at its current level, it might drop down to challenge the support at $0.32. If this support fails to keep the price up, there could be a stronger downward trend, potentially pushing the price below $0.27.
To fulfill Kaisers forecast, either a rare, unforeseen incident (referred to as a ‘black swan’ event) must occur, or the value of Bitcoin is likely to experience an extraordinary surge over the following six months.
As an analyst, if the price of ADA surpasses and maintains itself above the $0.37 mark, there’s a possibility of a subsequent movement toward $0.40, which serves as the next significant resistance level. A conclusive close above $0.40 would tilt the momentum in favor of bullish sentiments, potentially driving the price up by approximately 29% to reach $0.50.
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2024-10-07 12:08