Influencer Says ADA, BTC Will Experience Price Drops in Coming Days
- In his analysis, Gambardello stated that BTC’s price is hanging by a thread.
- The influencer also mentioned that ADA’s downside target is around $0.28.
The crypto influencer, Dan Gambardello (@cryptorecruitr), tweeted his latest technical analysis for the crypto market leader, Bitcoin (BTC) and Cardano (ADA) this morning. In his technical analysis, Gambardello started the video by bringing up the importance of the U.S. economic data that will be released this week.
The U.S. jobs data will be released later this week and the Fed’s Jerome Powell will be addressing congress today and tomorrow. The market expects the U.S. jobs data to have a negative outcome and is also bracing for continued interest rate hikes. As a result, Gambardello shared in his analysis that the markets will move as the data is released.
Should the outcome of the data be negative, Gambardello believes that BTC’s price could drop to the $19K-$20K range. He added to his bearish thesis by stating that BTC’s price is currently hanging by a thread around a consolidation level that was established 3 weeks ago.
When it comes to ADA, Gambradello mentioned that there is a clear downside target for the altcoin’s price between $0.275 and $0.285. This comes after ADA’s price failed to form a head and shoulders pattern on its daily chart and continued to break below a consolidation trend line on its daily chart as well.
In failing to form a head and shoulders pattern on its daily chart, a double-top pattern was formed as ADA was rejected by the $0.40 level twice in the last month. According to Gambardello, this double-top chart pattern is now playing out.
At press time, the price of BTC stands at $22,453.13 after a 0.20% increase over the last 24 hours according to CoinMarketCap. Meanwhile, ADA’s price stands at $0.3319 after it experienced a 0.68% drop in price in the last 24 hours.
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