The past year was marked by his predictions during the bear season, as many of his forecasts turned out to be accurate. Although there was some delay, he was right again. It appears that the recent SEC chaos is contributing to his predictions, and his target for the popular altcoin is being realized one by one. So what’s next? What will be the value of ADA Coin?
ADA Coin, one of the largest altcoins by market value, was labeled as a security by the SEC this week. In many analyses we made this week, we mentioned that the price could drop to as low as $0.3. The bottom target arrived. However, Capo, a popular crypto analyst who marked the second half of 2022, expects more. In a post on his social media channel, the crypto oracle anticipates that the price will drop below $0.3.
Capo previously predicted a significant dip for Bitcoin, going down to $12,000. The analyst turned his short positions, which had been at a loss for 6 months, into profit, and he believes his ADA Coin position will bring him bigger gains.
CAPO expects the price to drop to $0.12, which implies a meltdown of over 50% from the current level. In the last quarter of last year, the popular altcoin had hit bottom below $0.3, but the current outlook isn’t so good. ADA Coin is approaching bear bottom again, and SEC FUD is undermining investors’ risk appetite. We had also mentioned that long-term investors have been inclined to sell for some time.
If the downtrend continues, ADA Coin investors may see prices from January 2023 again, around $0.23-24. During the sales in March, the price had rebounded from this area and had made a local bottom at $0.2992. Now, if the $0.33 support is not reclaimed, a new bottom journey may begin.
On the other hand, even though the SEC has targeted altcoins such as SOL, ADA, and MATIC in recent lawsuits, the current view is that most altcoins are securities. The Howey test classifies many altcoins as securities in many respects. This indicates that other altcoins may also be officially labeled as such in new lawsuits.