The crypto market rose on Wednesday as the chance of a truce in the conflict between Russia and Ukraine boosted investor confidence.
The global cryptocurrency market is now valued $1.99 trillion, up 2.45 percent from Tuesday. In the last 24 hours, the overall crypto market volume climbed by 5.08 percent to $75.55 billion.
Cardano (ADA), Terra (LUNA), and Fantom (FANTOM) are among the Ethereum competitors that are expected to see big adverse price movements, according to a widely recognised crypto expert.
Cardano is threatening to breach support at $1.00, according to pseudonymous trader Capo, who warns his Twitter followers. Cardano has tapped the crucial level multiple times in the last 12 months.
In technical analysis, repeatedly hitting support is a bearish signal since it suggests possible demand depletion at the price level.
Capo believes Cardano has likely completed its five-wave uptrend on the monthly timeframe, implying a bearish reversal is imminent.
At the time of writing, ADA is trading at $1.08 down by 2.9%. The resistance on the upside is at $1.5 and the support is at $1.
Capo is also keeping an eye on Terra (LUNA), a decentralised finance payment network, which he believes will continue to fall after failing to break through resistance at $60.
At the time of writing, LUNA is trading at $56.05 down by 1.1%. The resistance on the upside is at $58.24 and the support is at $55.
Fantom (FTM), a network of specialised blockchains aimed at powering smart cities, is the last coin on Capo’s radar. FTM is set to tumble below $1.00, according to the crypto analyst, after breaching its bullish market structure (MS) and failing to hold support at $2.10.
“Similar to LUNA and many others. Broken bullish MS and three waves up. Most likely support should be $1.00.”
At the time of writing, FTM is trading at $2.02 down by 2.0%. The resistance on the upside is at $2.5 and the support is at $2.