With the Federal Reserve pulling a tight rein on monetary policy, there isn’t a hint of a bullish trend. With the way things are going, many traders are looking for safer crypto assets compared to riskier ones.
Meanwhile, Capo is also keeping a steady eye on STEPN, a move-to-earn app built on the Solana blockchain. Capo says that he is looking at a significantly low trading value of $0.60. Looks like GMT is heading down the basement, as he describes. GMT is currently trading at $1.52.
ADA total market cap at $18.42 billion on the weekend chart | Source: TradingView.com
Outlook for Bitcoin looks good as it continues to correct after going over the key support locked in at $30,000. The $30,000 support supposedly jarred it. A two-day candle has closed right below it and currently tapping that zone as support. At this point, this spot is still not good for buying.
Adding salt to the wound is the miserable turnout in the market value of TerraUSD that is pegged to USD. It’s now priced at $0.18 this week. Meanwhile, TerraUSD is mapping out a recovery plan this week.
Overall, Cardano is more volatile compared to Bitcoin although it appeals greatly to the broader market, in general.
Bitcoin has more promise to be bullish for the long term compared to other coins, including ADA.