Crypto Trader predicts a 60+% crash for an Ethereum-based altcoin and reveals the outlook for Bitcoin and Cardano
A popular crypto trader is expressing bearish sentiment on an Ethereum-based altcoin while also revealing its forecast for Bitcoin (BTC) and Cardano (ADA).
Pseudonymous crypto analyst altcoin Sherpa tells his 182,400 Twitter followers that the native token of Lido DAO (LDO), the decentralized autonomous organization (DAO) behind the Lido Ethereum staking protocol, could fall about 64% from its current price.
“LDO: Wouldn’t this thing lunge to more destruction, maybe $0.75? However, there will be leaps along the way.”
Source: Altcoin Sherpa/Twitter
LDO is trading at $2.07 at the time of writing.
Altcoin Sherpa then says that the $19,000 price level is a support zone for Bitcoin that can provide the digital flagship with a base for a “stronger bounce.”
However, the analyst says that altcoins could drop about 10% if Bitcoin fell to $19,000 from its current levels.
“BTC: I still believe $19k (or there) should provide a stronger bounce. I reckon altcoins will take another 10% discount if that happens.”
Bitcoin is changing hands for $20,260 at the time of writing.
Altcoin Sherpa completes its analysis with smart contract platform Cardano (ADA). According to the crypto trader, Cardano could fall further before bouncing back up.
“ADA: I haven’t looked at this chart for a while, but… is it possible that these charts are forming some sort of cluster? There is a lot of volume trading in this area, maybe this is the mid-term bottom (possibly a rally to mid/low $0.30 and then up)?”
Cardano is hovering around $0.448 at the time of writing, down 2.4% on the day.
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