This Is Why You Shouldn’t Use Twitter for Crypto Trading Advice
Crypto Loomdart (@loomdart) recently mocked Beastlorion (@Beastlyorion) for incessantly shilling Cardano (ADA) on Twitter. “Every time you do it dumps” — and indeed, it did.
Twitter traders 9 times out of 10 can’t be trusted. This hold true with ‘crypto prophet’ Beastlorion (@Beastlyorion).
Tweeting Cardano To Death
Beastlorian gave another buy signal recently since “the only way to go is up.” However, things did not work out as planned. Right on the day Beastlorion tweeted, the price of ADA plummeted.
Crypto Loomdart decided to illustrate exactly when the dump happened.
reeeeeeeeeeee pic.twitter.com/4EzFZDJy1m
— lewndart (@loomdart) August 22, 2019
He decided to twist the knife deeper by telling Beastlorion that if he did not tweet about ADA again, he would rebuy this position. Beastlorion ended up declining and somehow decided to buy more — which nobody asked for.
— lewndart (@loomdart) August 23, 2019
As you expected, ADA ended up dropping again Friday – another -3.5 percent against BTC. It seems that every time Beastlorion buys, it’s a clear sell signal.
How Low Can Cardano Go?
ADA has been one of the worst-performing altcoins in all of 2018/19, being the most down from its all-time high (-96%). With no end to the bleeding in sight, it could score even lower lows as the year continues to drag on for the altcoin market.
Overall, the situation should teach us a valuable lesson: don’t rely on Twitter or self-proclaimed ‘TA’ experts for trading advice, as if they are oracles. The overwhelming majority get it wrong most of the time, and most are just shilling their portfolios, so take their opinion with a grain of salt.
Do you follow any ‘crypto experts’ on Twitter? Do you think it’s too easy to get clout in the cryptocurrency world? Let us know your thoughts in the comments below.
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