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Lida DAO Poised to Drop 60%, While Bitcoin (BTC) & Cardano (ADA) Can See Minor Rally

2 Sep, 20222 min readAltcoins
Lida DAO Poised to Drop 60%, While Bitcoin (BTC) & Cardano (ADA) Can See Minor Rally

A popular crypto trader and analyst are portraying his bearish stance towards one Ethereum-based altcoin as he puts forth his analysis on Bitcoin (BTC) and Cardano (ADA).

The strategist who is anonymously known as Altcoin Sherpa predicts that decentralized autonomous organization (DAO), Lido DAO’s native currency, LDO might see a massive decline of nearly 64% from its present price levels.

Analyst targets Lido DAO to drop around $0.75 once the currency enters bearish momentum.

$LDO: Wouldnt long this thing until more destruction, maybe .75? There will be bounces along the way though. — Altcoin Sherpa (@AltcoinSherpa) August 30, 2022

Currently, LDO is selling at $2.04 after a surge of 4.04% over the last 24hrs.

Bitcoin (BTC)

Next, Altcoin Sherpa talks about Bitcoin and claims $19,000 as the support area for the flagship currency. He also says that this is the level that will push BTC for a stronger bounce.

He then asserts that if Bitcoin price bottoms at the $19,000 area, it will pull along other altcoins by almost 10%.

$BTC: I still believe 19k (or around there) should provide a stronger bounce. Guessing alts take another 10% haircut if this happens. #Bitcoin — Altcoin Sherpa (@AltcoinSherpa) August 30, 2022

At the time of publishing, Bitcoin is changing hands at $20,101 with a slight surge of 0.97% in the last 24hrs.

Cardano (ADA)

The strategist, Altcoin Sherpa, wraps up his analysis with Cardano (ADA), another smart contract platform.

He is of the opinion that there might be some accumulation forming as the number of transactions at present is huge. Hence, he claims this to be a mid-term bottom where ADA will fall around $0.30 before raising.

$ADA: Havent looked at this chart in a while but…is it possible these charts are forming some sort of accumulation? Lots of volume transacted in this area rn, maybe this is the mid term bottom (possibly a spike to mid/low .30 and then up after)? #ADA — Altcoin Sherpa (@AltcoinSherpa) August 30, 2022

Cardano is now trading at $0.45 following a jump of 2.70% over the last 24hrs.

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