Cardano (ADA) and a new altcoin project Aptos (APT) have been warned about by a popular crypto analyst known as Pentoshi.
The Drop of ADA’s Price
ADA may drop another 50% and never recover, warns the pseudonymous analyst to his 623,200 Twitter followers.
“ADA now losing the lights out level and going to the place where coins go when they die. Prob got a -50% in it from that breakdown level, in my opinion. And I’m by no means picking on it,” he said on his Twitter account.
$ADA now losing the lights out level and going to the place where coins go when they die. Prob got a -50% in it from that breakdown level imo
— Pentoshi 🐧♦️ (@Pentosh1) October 19, 2022
“I posted charts for almost several alts like this including Solana and Ethereum in December-January,” he added.
As well, he said that $ADA mid-late 2022 prediction will break, saying that lose this level and it’s lights out, and that when we reach that level, there will be tweets saying “lose this level and it’s lights out”, but the lights will actually go out.
A Steady Decline in Aptos Value
Investors should steer clear of Aptos, popularly known as the “Solana killer,” Pentoshi warns, as the project’s value is falling steadily.
“Personally won’t go near Aptos. I believe it raised a $2 billion valuation. There are way better things out there. Don’t think this is one (for now). Maybe short term you get volatility,” he explained.
“But, in my opinion, chart will end up something like this over time. Let time and price prove otherwise,” he detailed.
A bearish position is also taken by Pentoshi regarding the overall crypto market. In his opinion, crypto exchanges are losing users, which results in less money finding its way into crypto projects.
“Do with that what you will. But in the grand scheme it means that I’ll be selling the rips, and probably not be buying the dips again in the event we visit the range lows once more,” he said.
In Pentoshi’s opinion, current prices of many cryptocurrencies are a good value, but they may not last long, and new lows may be seen.
“Are these probably good long-term values? I’d say so. Will we also probably go lower. I’d have to guess yes since people outflow > inflow based off the limited data we have. And that many will be forced to sell to cover job loss, inflation, etc.”