A cryptocurrency analyst is revising his predictions for Cardano (ADA), Polygon (MATIC), and Chainlink (LINK) in relation to Bitcoin (BTC) as the altcoin market shows signs of vulnerability.
In a recent video update, Nicholas Merten, the host of DataDash warned about the potential for significant corrections of up to 95% in the current market cycle for various altcoins.
He said, “We can take it back here, look at a whole range of different plays here in the market, and you will see similar patterns here – altcoins typically correct. Even Ethereum in the last bear market in 2018 corrected over 95% from all-time highs. So don’t doubt that history could repeat itself.”
Cardano
Merten issued a warning about a potential 50% decrease on the ADA/BTC chart. Currently priced at approximately 0.00001000 BTC ($0.259), Merten suggests that ADA could drop to around 0.00000450 BTC ($0.12). He suggests considering whether ADA can sustain its trend of higher lows against Bitcoin. If not, he predicts a decline to the range of 500 Satoshis to 450 Satoshis, representing a decrease of over 50% from the current level.
Polygon
Moving on to Polygon (MATIC), Merten expresses a more cautious view, stating that it could experience a decline of up to 90% against Bitcoin from its all-time highs. He highlights the significance of liquidity and suggests that a lack thereof could lead to a correction of around 70% to 78% down to approximately 1,450 Sats. He further mentions the possibility of MATIC falling towards 1,000 Sats, entering the territory of a traditional corrective decline ranging from 85% to 90%.
Chainlink
Lastly, Merten turns his attention to Chainlink, a decentralized oracle service. He points out that Chainlink has been underperforming Bitcoin since August 2020 and warns of a potential 90% decline from its peak against Bitcoin if it continues to trend downwards. He specifically mentions the possibility of Chainlink dropping to 1,700 Sats, representing a substantial decline from its previous peak.
Source: https://coinpedia.org/altcoin/altcoin-crash-could-be-imminent-cardano-ada-polygon-matic-and-chainlink-link-in-danger/