Jason Pizzino, a popular analyst and trader, said after the seventh-largest crypto-asset by market cap rose over 30 percent in a week. Cardano (ADA) Examines price action.
In a new YouTube update, Pizzino gave its 262,000 subscribers a call after experiencing one of the longest downturns in Cardano’s history. relief rally He says he might be in the middle.
“Basically [Cardano] one, two, three, four, five months almost straight down… This five-month drop is one of the longest, if not the longest, that the ADA has been on a straight decline in its entire history…
The only positive thing I can see in this situation is that it’s probably time for a relief rally. Markets found a low around $0.70. After that, the altcoin found its way back to the previous $1 support level and it looks like we will try again for a relief rally.”
The crypto analyst states that the current resistance level of Cardano is around $1.20.
Trading sideways, Cardano is trading at $1.09, up 0.1 percent in the last 24 hours.
Pizzino also expects ADA to pull back and form a positive higher-low setup before Cardano potentially reverses the downtrend.
“At this point, the best-case scenario for ADA is: if ADA catches up with this downtrend, breaks it, and then starts to slow the bleeding, I think this could give ADA a good chance of not seeing a price lower than $0.75…
I don’t need to rush to jump into altcoins especially now that ADA is starting to move. I believe we will return to this area and test some kind of pricing area in the $0.80 range, possibly up to $1.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.