Trader Maps Cardano, Polygon, and Chainlinks Paths Forward Against King Crypto Bitcoin Here’s His Outlook

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A crypto analyst updates his outlook on Cardano (ADA), Polygon (MATIC) and Chainlink (LINK) against Bitcoin (BTC) as the altcoin market flashes.

In a new video update, DataDash host Nicholas Merten warns his 511,000 YouTube subscribers that many altcoin projects could see up to 95% correction in the current cycle from their all-time highs.

We can pick it up here, look at a whole range of different games here in the market, and you’ll see similar patterns here, with altcoins generally being okay. Even Ethereum during the last bear market in 2018 corrected over 95% of all-time highs. Don’t doubt that history can repeat itself.

Looking at the Cardano smart contract platform against Bitcoin, Merten warns of a potential 50% drop on the ADA/BTC chart from its current price level of around 0.00001000 BTC ($0.259) to around 0.00000450 BTC ($0.12).

If stablecoin liquidity isn’t there and optimism isn’t there and regulatory concerns rise, ADA isn’t going to rise

We have to wonder whether or not we can sustain this higher low line against Bitcoin. And if we can’t, I think you’re looking at 500 Sats (Satoshis) at around 450 for the next level. It’s over 50% here from where we are now.

Next, Merten says that layer 2 scaling solution Polygon could crash up to 90% against Bitcoin from its all-time highs.

If the liquidity isn’t there, we’ll likely drop back towards the historical line of prior support, which means we’ll likely correct rather than 70% down to around 78% towards around 1,450 Satoshis here. Not a good look here for MATIC.

And if he can’t hold that line, he could potentially go down here towards 1,000 Sats. This is where you start to get into the traditional 85%-90% corrective territory.

Polygon is worth $0.00002250 BTC ($0.58) at the time of writing, down 4.9% in the last 24 hours.

Finally, Merten predicts that the decentralized oracle service Chainlink could be heading for a 90% decline against Bitcoin from its all-time high.

[Chainlink] peaked in August 2020 and since then has been bleeding against Bitcoin. Now, during the bull market, sure, maybe its dollar value went up to some degree, but it was massively underperforming Bitcoin and it continued to do so. If it continues to fall, say 1,700 [Sats] this will have been a 90% decline from its peak against Bitcoin.

Chainlink is trading at $0.000203 BTC ($5.25) at the time of writing, down 3% in the last 24 hours.

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