A popular crypto analyst is warning investors about Cardano (ADA) and the new altcoin project Aptos (APT).
The pseudonymous analyst known as Pentoshi warns his 623,200 Twitter followers that ADA may drop another 50% and never recover.
“ADA now losing the lights out level and going to the place where coins go when they die. Prob got a -50% in it from that breakdown level, in my opinion. And I’m by no means picking on it. I posted charts for almost several alts like this including Solana and Ethereum in December-January.”
Turning his sights on Aptos, commonly referred to as the “Solana killer,” Pentoshi says investors shouldn’t go near the new project, charting a steady decline in value.
“Personally won’t go near Aptos. I believe it raised a $2 billion valuation. There are way better things out there. Don’t think this is one (for now). Maybe short term you get volatility. But, in my opinion, chart will end up something like this over time. Let time and price prove otherwise.”
Pentoshi also weighs in the overall crypto market, taking a bearish position. He says crypto exchanges are losing users and that results in less money going into crypto projects.
“Do with that what you will. But in the grand scheme it means that I’ll be selling the rips, and probably not be buying the dips again in the event we visit the range lows once more.”
While Pentoshi says the current prices of many cryptos are a good value, he believes they are not sustainable and new lows may come.
“Are these probably good long-term values? I’d say so. Will we also probably go lower. I’d have to guess yes since people outflow > inflow based off the limited data we have. And that many will be forced to sell to cover job loss, inflation, etc.”
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Featured Image: Shutterstock/gg_tsukahara/Mingirov Yuriy