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A widely followed crypto trader is expressing bearish sentiment toward one Ethereum-based altcoin while revealing his forecast for Bitcoin (BTC) and Cardano (ADA).
The pseudonymous crypto analyst known as 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 by about 64% from its current price.
“LDO: Wouldn’t long this thing until more destruction, maybe $0.75? There will be bounces along the way though.”
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 offer the flagship digital asset a base for launching a “stronger bounce.”
However, the analyst says that if Bitcoin were to decline to $19,000 from its current level, altcoins could dip by about 10%.
“BTC: I still believe $19,000 (or around there) should provide a stronger bounce. Guessing altcoins take another 10% haircut if this happens.”
Bitcoin is changing hands for $20,260 at the time of writing.
Altcoin Sherpa concludes his analysis with smart contract platform Cardano (ADA). According to the crypto trader, Cardano could fall further before bouncing higher.
“ADA: Haven’t looked at this chart in a while but…is it possible these charts are forming some sort of accumulation? Lots of volume transacted in this area right now, maybe this is the mid-term bottom (possibly a spike to mid/low $0.30 and then up after)?”
Cardano is moving for at $0.448 at the time of writing, a 2.4% dip on the day.
Featured Image: Shutterstock/klyaksun
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