The global cryptocurrency market cap today was almost flat at the $1.92 trillion mark, easing up to a percent in the last 24 hours. Bitcoin Price is correcting gains at $43,376, down by over 2%. The second most popular cryptocurrency by market capitalization, Ethereum, fell by over 3% at $2,896.
According to a well-known crypto expert, Cardano (ADA), Solana (SOL), is flashing bearish indications and should be avoided by altcoin traders. Despite the spike in the last 24 hours, pseudonymous trader Capo tells his Twitter followers that he remains bearish on the broader crypto markets.
The latest bounce is a bull trap, and cryptocurrencies will most certainly resume their downtrends.
“Some people may think I’m biased to the downside. Later I will post a lot of examples of altcoins that are doing corrective moves to the upside after breaking key supports.”
Also Read : Bitcoin Rejected Again At $45,000, Yet $50K Levels Appear Imminent by the End of Q1
Cardano(ADA)
One coin on Capo’s radar is Cardano, which the crypto analyst says is showing clear signs of rejection.
ADA appears to be consolidating in a tight range between the $1 resistance and $0.85 support. A bullish cross above the 21-day moving average is needed to correct the immediate bearish pressure and bring the Altcoin back on the recovery trend. The Current resistance levels lie at $1, and $1.2.
On the downside, once the support of $0.90 is broken, the sell-off may likely gain traction with ADA Price Testing the nearer support level at $0.85. However, in case of an extended downtrend, the altcoin could plunge to the nearest support level of $0.80.
Solana(SOL)
Solana is the second altcoin on the trader’s list. SOL failed to recoup resistance around $120 and is now in the midst of a rebound.
At the time of writing, SOL is trading at $102.03 down by 5.1%. It has moved in the range of $97.07 / $105.89 in the last 24 hours. Currently, The bulls are striving to push the price above the $106 level, If they succeed, the rally could extend to $122.
This bullish view will invalidate in the short term if the price turns down and breaks below the 20-day EMA. In this case, SOL Price Would trade below $100 in the coming days.
Source: https://coinpedia.org/altcoin/cardano-ada-solana-sol-price-set-for-more-downtrend/