A cryptocurrency analyst and trader, known as Credible Crypto, is sharing a pessimistic outlook on Cardano (ADA). In a recent video addressed to his 48,700 YouTube followers, Credible Crypto states that Cardano’s current situation is unfavorable. Despite already experiencing a correction of over 90% from its all-time high, the analyst believes that Cardano is still at risk of further decline.

Credible Crypto suggests that Cardano could potentially fall by 57% to 74% in order to reach his predicted downside targets. He explains that there is a possibility that Cardano has already reached its peak and is now in the process of breaking down. If this is indeed the case, Cardano’s price would likely drop below the $0.33 mark and reach the lows that have been established in the market. These lows are situated within a range of $0.12 to $0.20, which represents a significant area of support on a higher time frame.

At the time of writing, Cardano is trading at $0.466. Credible Crypto emphasizes that Cardano’s future price movement will heavily depend on Bitcoin. He suggests that if Bitcoin experiences another significant downward movement, it could trigger a further decline in Cardano’s price. Credible Crypto points out that while Bitcoin has only lost around 20% of its value, Cardano has already experienced a 50% drawdown from its 2024 high.

In conclusion, Credible Crypto advises investors to closely monitor Bitcoin’s price action, as it will likely have a significant impact on Cardano’s performance. He urges investors to conduct thorough research and exercise caution before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own due diligence before making any investment decisions. The Daily Hodl, where this information was sourced from, does not endorse or recommend the buying or selling of any cryptocurrencies or digital assets.