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Crypto Analyst Wildly Predicts Cardano (ADA) Price Swing, Sets Downward Target for Ethereum Rival

A popular crypto analyst known for his timely altcoin calls says some wild volatility could be in play for Ethereum challenger Cardano (ADA).

A pseudonymous trader known as Pentoshi tells his 584,000 Twitter followers that after a strong and prolonged decline, Cardano is likely to undergo a major compensation bounce.

According to the analyst’s chart, Cardano can meet its initial target of $0.64. Above that level, the next target is in the $1.00 to $1.10 range.

“ADA Update:

Finally, it will have some pretty wild mean reversion.

I certainly wouldn’t go short here (waiting for a nice bounce to do that if rejected in purple in July.”

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Source: Pentoshi/Twitter

At the time of writing, ADA is exchanging hands for $0.45.

Pentoshi has its eye on another Ethereum (ETH) competitor for potential opportunities.

According to the trader, smart contract platform Solana (SOL) will continue to weather more pain until it remains at the $130 level. He says SOL is headed for $20 before the end of the year but with compensatory rallies in between, possibly to the $60 and $80 ranges.

“SOL Update:

I think it will eventually trade around $20-22 later in the year. Give it another three to five months, maybe a strong bounce or in between.”

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Source: Pentoshi/Twitter

At the time of writing, SOL is trading at $33.42.

Bitcoin has fallen below its all-time high and is still undergoing a relentless decline, Pentoshi addresses A question from his followers about the possibility of BTC ever fully recovering.

According to analysts, Bitcoin is in a strong long-term cycle of greed-fueled rallies and fear-fueled corrections, and there’s no sign of that ending anytime soon.

“How many times has btc died?

If you believe that it will not return, you believe that human greed and fear are gone. Look at what is depicted on the chart.

Your fear turns into someone else’s greed. The cycle repeats. The only thing markets do is shed weaklings, then new growth comes in…

Just as alt season has the word season, it refers to seasonality, which is not permanent. Markets must shed dead weight. All things in life are cyclical. You cannot defy the laws that govern the universe.

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Disclaimer: The views expressed in The Daily Hoddle are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. Daily Hoddle does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is Daily Hoddle an investment advisor. Please note that Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/Shasil/Yuri Mingirov

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