A cryptocurrency analyst is revising his predictions for Cardano (ADA), Polygon (MATIC), and Chainlink (LINK) in relation to Bitcoin (BTC) as the altcoin market shows signs of vulnerability.
In a recent video update, Nicholas Merten, the host of DataDash warned of the potential for significant corrections of up to 95% in the current market cycle for several altcoins.
He said: “We can take it back here, look at a whole host of different plays here in the market, and you’ll see similar patterns here – altcoins are mostly correct. Even Ethereum in the last bear market in 2018 corrected more than 95% from all-time highs. So there is no doubt that history could repeat itself.”
Cardano
Merten warned of a possible 50% drop on the ADA/BTC chart. Currently priced at around 0.00001000 BTC ($0.259), Merten suggests that ADA could drop to around 0.00000450 BTC ($0.12). He suggests considering whether ADA can continue its trend of higher lows against Bitcoin. If not, he predicts a drop to the range of 500 Satoshis to 450 Satoshis, representing a drop of more than 50% from the current level.
Polygon
Moving on to Polygon (MATIC), Merten expresses a more cautious view, stating that it could experience a decline of up to 90% against Bitcoin from its all-time highs. He emphasizes the importance of liquidity and suggests that a lack of it could lead to a correction of about 70% to 78% to about 1,450 Sats. He further mentions the possibility of MATIC falling towards 1,000 Sats, entering the territory of a traditional corrective decline of 85% to 90%.
Also Read: Altcoin Crash Could Get Worse: Analyst Predicts More Carnage in Crypto Market
Chain link
Finally, Merten turns his attention to Chainlink, a decentralized oracular service. He points out that Chainlink has been underperforming Bitcoin since August 2020 and warns of a potential 90% drop from its peak against Bitcoin if it continues to trend downwards. He specifically mentions the possibility of Chainlink dropping to 1,700 Sats, which represents a significant drop from the previous peak.
